By Stilianos Alexiadis
Do dynamic externalities, within the type of expertise production, adoption and spatial agglomeration form the development of local development in Europe? This examine offers another view on local convergence. A version is built which attributes club-convergence to current ameliorations with appreciate to the measure of know-how adoption. within the first example, empirical effects recommend that the NUTS-2 areas of the EU-27 converge at a really sluggish expense. additional assessments, besides the fact that, point out that convergence is particular to a particular subset of areas. Such conclusions are established extra, utilizing another version of club-convergence, which contains the impression of spatial interplay, agglomeration externalities and expertise. This exhibits that the convergence-club in Europe follows a definite geographical development and all participants proportion related features relating to know-how construction and adoption, and agglomeration externalities.
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Extra resources for Convergence Clubs and Spatial Externalities: Models and Applications of Regional Convergence in Europe
First, as Armstrong and Taylor (2000) point out, the neoclassical framework draws attention to the importance of supply factors in the growth process, namely the growth of the labour force, the growth of the capital stock and technical progress. In addition, the model explains the interregional mobility of factors of production and analyses their effect upon the patterns of regional convergence. Second, as presented thus far, the neoclassical approach to regional growth leads to the absolute convergence hypothesis, which states that, in the long-run, regional economies converge to the same ‘steady-state’ level of output per unit of labour irrespective of initial conditions.
2 2 Neoclassical and Post-Keynesian Theories of Regional Growth and. . ‘Growth Poles’ According to Perroux (1950), economic development is imbalanced or polarised, in the sense that there are several forces at work which result in the concentration of economic activity into certain poles in ‘abstract economic space’, defined as a set of existing economic relations among economic agents, rather than geographical space or a ‘field of forces’ (Plummer and Taylor, 2001a). 27 These ‘propulsive industries’, or ‘the instruments of prosperity’, as Perroux (1950, p.
P. 63) Thus, by introducing demand factors into the model, via an export sector, two further explanations of regional growth differences can be derived; the movement of both capital and labour into successful regions, and differential rates of technological progress due to differences in the export/industrial base of regions. Nevertheless, despite its greater realism the ‘two-sector’ model has received less attention from regional economists than might be expected. Theoretical and empirical literature, in particular, has paid greater attention to another extension of the neoclassical model, proposed by Mankiw et al.
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