REGIONAL & ECONOMICAL DEVELOPMENT

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Table of Contents

1. SUMMARY............................................................................................................... 2

2. BEST PRACTICE THEMES......................................................................................... 3

3. TRENDS & PRIORITIES............................................................................................ 4
4. REGIONAL & ECONOMIC DEVELOPMENT.................................................................5
5. References.............................................................................................................. 7

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1. SUMMARY
Regional and economic development is the constant, concentrated actions, which are
taken by communities and policy makers for promoting the economic health and living
standard of a defined / specific area. Regional & economical development also takes into

reference the qualitative & quantitative alteration that take place in the economy. Multiple
areas are involved in such actions, which include the regional competiveness, literacy,
development of human capital, social, environmental sustainability, safety, health, critical
infrastructure etc. Regional & economical developments differ from economical growth.
Whereas regional and economic development is a policy intervention endeavor which
aims for the social and economic well-being of people. Regional & Economic Development
are dependent on a series of factors, inherited economic conditions, geographic position,
natural condition and political causes are regarded as major ones. Previously mentioned factors
are the determining factors in economic and regional development. Countries, states, regions,
and cities are interested in stimulating economic development in their jurisdictions. Various used
strategies are as follows:

Encourage entrepreneurship

Improve the talent base

Enhancement of the region to outsiders with the usage of creative talents

Create a fiscal, regulatory and legal environment that encourages new businesses

Form a larger pool of venture capital

Focus on attracting out of the region businesses through the usage of regional business
attraction centers

Promote and support R&D (Research & Development) in local universities

2

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Assist in the process of moving inventions from the lab to the business world

2. BEST PRACTICE THEMES

Best practices of regional and economic development have been identified as follows:

Facilitate those that are willing to help themselves.

Give precedence to those projects, policies and programs that would enhance income
and wages and produce higher value-added products.

Emphasize business assistance for small and medium sized companies and build strong
relationships with large firms.

Scale economic development with regard to the efforts relative to the extent of the

problems and opportunities addressed.

Encourage collaborative PSNs (Private Sector Networks) amongst key economic
sectors; assisting businesses linked by market relationships learn from one another and
this will result in mutually beneficial activities.

Focus on the management and leadership quality of the community and firm, instilling an
understanding for the requirement of change and the vision on how to achieve it.

Aim for integrated and systematic approaches in developing community and business
assistance.

Rely on both private and public leadership in the on-going governance, implementation
and planning of economic development.

3. TRENDS & PRIORITIES

Regional and Economic development trends and priorities have indicated the following:
3

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Communities have a ability to assist themselves

Economic development and a improved standard of living tend to follow when local
community groups, business, governments and unions work together in identifying
common interests

Economic efficiency and effectiveness are profoundly dependent on quality of leadership

and organization

Capability of regions to participate in investments, which also includes investment in

infrastructure and this is usually underestimated

Investments are attracted by a more quality, skill, efficiency and effectiveness of the
workforce

The ability to look further than the region for opportunities and markets is crucial and the
reason behind this is that the regions future depends on exports and better
incorporation with the national economy.

4. REGIONAL & ECONOMIC DEVELOPMENT

Regional and economical development leads to the expansion of existing businesses
and establishment of new businesses, in a way that increases the overall number of
jobs and results in a rising average wage. Regional & economic development aims at
improving living standard and creating more employment in the region, and this is done
through the expansion of profitable business activities in the region. For the region to
create better paying jobs the businesses expanded or created a need to be situated on
the high value added end of the spectrum and this usually refers to highly
4

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knowledgeable or skilled industries. Through limits the local governments has the ability
to change the rate of growth with regard to wages, business activity and jobs. Business
choices failure or success is determined by events, which are outside the boundary of
the policy arena. The causal affect of good policies may still be relatively insignificant
with regard to other non-policy factors.
Finally, in its broadest sense, regional and economical development covers three major
areas:
1) Policies, which are taken up by the governments to meet a wide array of economic
objectives, such as sustainable growth, expanded tax, price stability and high
employment. To achieve these objectives major efforts take place and they include fiscal
and monetary policies, tax policies, regulation of financial institutions and trade.
2) Policies and programs that will provide services and infrastructure, such as
educational programs and projects, highways, crime prevention, park and affordable
housing.
3) Policies and programs clearly directed at the creation of jobs and retention through
particular efforts in neighborhood development, business finance, marketing and small
business start-up, expansion and business retention, real estate development,
technology transfer and workforce training.

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5. References

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REGIONAL & ECONOMICAL DEVELOPMENT

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1, H W Armstrong & J Taylor, Regional Economics and Policy, Macmillan, 2000

2, R Capello, Regional Economics, Routledge, 2007

3,R Crescenzi & M Percoco Geography, Institutions and Regional Economic

Performance, Springer, 2013

4, R Crescenzi & A Rodrguez-Pose Innovation and Regional Growth in the European

Union, Springer, 2011

5, C Jones Introduction to Economic Growth 2nd edition, Norton 2001

6, P McCann Urban and Regional Economics, OUP 2001

7, A Pike, A Rodrguez-Pose & J Tomaney, Local and regional development, Routledge,

2006.

8, Sen, A. (1983). Development: Which Way Now? Economic Journal, Vol. 93 Issue
372.
9, A. and Sheffrin, S. M. (2003). Economics: Principles in action. Pearson Prentice Hall,
Upper Saddle River, New Jersey..
10, R. Conteras, "How the Concept of Development Got Started" University of Iowa
Center for International Finance and Development E-Book

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