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A new evolutionary perspective on institutional complementarities and regional development

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  • Ron Boschma

Abstract

The paper reviews how the concept of institutional complementarities has been approached in the Varieties of Capitalism and Policy Mix literatures. Based on a critical review, we propose instead an evolutionary framework to analyze institutional complementarities that is inspired by the principle of relatedness. We discuss promising future applications in economic geography, such as how complementarities across institutions may promote regional diversification in regions, how this institutional complementarity framework may shed light on the question what is feasible when implementing institutional change in specific territorial contexts, and how it may contribute to understand better how regional innovation policy may become effective in particular institutional contexts.

Suggested Citation

  • Ron Boschma, 2025. "A new evolutionary perspective on institutional complementarities and regional development," Papers in Evolutionary Economic Geography (PEEG) 2514, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised May 2025.
    • Handle: RePEc:egu:wpaper:2514
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    File URL: http://econ.geo.uu.nl/peeg/peeg2514.pdf
    File Function: Version May 2025
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    More about this item

    Keywords

    institutions; institutional complementarities; institutional relatedness; institutional change; institutional space; varieties of capitalism; policy mix; policy space; regional diversification; Evolutionary Economic Geography;
    All these keywords.

    JEL classification:

    • B15 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Historical; Institutional; Evolutionary
    • B52 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Historical; Institutional; Evolutionary; Modern Monetary Theory;
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes
    • R58 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Regional Development Planning and Policy

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