Download Convergence Clubs and Spatial Externalities: Models and by Stilianos Alexiadis PDF
By Stilianos Alexiadis
Do dynamic externalities, within the kind of expertise construction, adoption and spatial agglomeration form the development of nearby development in Europe? This examine offers an alternate view on neighborhood convergence. A version is constructed which attributes club-convergence to latest variations 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 truly gradual expense. additional assessments, in spite of the fact that, point out that convergence is specific to a particular subset of areas. Such conclusions are confirmed extra, utilizing an alternate version of club-convergence, which includes the influence of spatial interplay, agglomeration externalities and know-how. This exhibits that the convergence-club in Europe follows a undeniable geographical development and all individuals proportion comparable features concerning know-how production and adoption, and agglomeration externalities.
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Additional resources for Convergence Clubs and Spatial Externalities: Models and Applications of Regional Convergence in Europe
19) where H is the stock of human capital, with a; b > 0 and a; b < 1 while Ai;t ¼ A0 egt. An important condition imposed by Mankiw et al. (1992) is that a þ b < 1. 19 According to Crafts (1996) the introduction of human capital has two important implications. Diminishing returns to broad capital are less severe than to physical capital alone in the Solow (1956) and Swan (1956) model, and the transitory effects of increased investment, in both kinds of capital, on growth will last for longer. A key assumption of the ‘augmented’ Solow model is that human capital accumulates as individuals devote time acquiring new skills instead of working.
33 For example, new research-oriented industries show a tendency to cluster near universities and other research establishments. While localisation economies are external to the firm, but internal to the industry to which the firm belongs, there is another type of effect, which is external to the specific industry. These externalities are known as urbanisation economies and derive from the scale of total economic activity in a region, allowing a firm to benefit from overall local scale and diversity.
It induces considerable expansion in the surrounding area and for this particular effect, features such as a highly developed infrastructure, are more critical than inter-industry linkages. Thus, income will be maximised in the growth area as a whole by concentrating development at growth points rather than spreading it over the region as a whole. This implies a structural imbalance in regional economic activity, such that beyond the boundary of the zone of influence of the pole income levels may stagnate and areas decline.