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A gold rush theory of economic development


Ossa, Ralph (2012). A gold rush theory of economic development. Journal of Economic Geography, 13(1):107-117.

Abstract

I present a stylized theory of regional development in which regional ‘first nature’
characteristics do not map uniquely into regional outcomes. The ‘second nature’ force
is social learning about fixed but unknown regional characteristics which can bring
about self-reinforcing regional development. The key difference from other agglomeration
economies is that the extent of local economic activity only influences beliefs
about productivity but not actual productivity so that there are no localized external
increasing returns.

Abstract

I present a stylized theory of regional development in which regional ‘first nature’
characteristics do not map uniquely into regional outcomes. The ‘second nature’ force
is social learning about fixed but unknown regional characteristics which can bring
about self-reinforcing regional development. The key difference from other agglomeration
economies is that the extent of local economic activity only influences beliefs
about productivity but not actual productivity so that there are no localized external
increasing returns.

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Additional indexing

Item Type:Journal Article, original work
Communities & Collections:03 Faculty of Economics > Department of Economics
Dewey Decimal Classification:330 Economics
Uncontrolled Keywords:Agglomeration economies, regional development, social learning
Language:English
Date:February 2012
Deposited On:01 Mar 2017 16:16
Last Modified:09 Dec 2017 00:08
ISSN:1468-2702
Publisher DOI:https://doi.org/10.1093/jeg/lbs002

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