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Regional economic development : Challenge for government' role

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Frame of Image ted. Past regional development investment and programs
have produced mixed results of success and sometimes, wasted resources. For these reasons, the pressure on government to lead regional development in ways that are effective and cost efficient has never been greater. Economists usually don’t like regional development spending, as it attempts to disturb market forces. There is little debate about whether there is a role for government in regional economic development. The local economic development mechanism is so deeply rooted that it is hard to imagine regions without government involvement. Among many others, market failure can justify government intervention. Another reason for government intervention is the existence of social capital with various externalities. In this paper, the concept of regional economic development is introduced followed by several emerging concerns for regional economic development. Issues like new development paradigm, managing risk, and sustainable development are crucial for the future direction and development of strategies for regional economic development. In the following section, we discuss three issues in regional economic development that bring about some skepticism about the appropriate role of government. Finally, government’s role in the
human capital approach is explored.
2. What is Regional Economic Development?
In studying the literature on regional economic development, the definition of the term is diverse and often imprecise.


Full Text
Title Regional economic development
Similar Titles
Sub Title

Challenge for government' role

Material Type Reports
Author(English)

Kim, Kihwan

Publisher

[Seoul]:Korea Institute for Industrial Economics & Trade (KIET)

Date 2010
Journal Title; Vol./Issue KIET Industrial Economic Review:vol. 14; no.6
Pages 13
Frequency Bimonthly
Language English
File Type Documents
Original Format pdf
Subject Economy < General
Industry and Technology < General
Holding KDI School of Public Policy and Management

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