Externalities, Learning and Governance

New Perspectives on Local Economic Development

Bibliographic Data

ID3884977
AuthorsBert Helmsing (corresponding author)
Year2001
Volume32
Issue2
Pages277-308
Publication date2001-03-01
Peer ReviewedYes
Open AccessYes
TypeARTICLE
VenueDevelopment and Change (JOURNAL)
Journal identifiersISSN: 0012-155X • E-ISSN: 1467-7660
PublisherWiley (PUBLISHER • GB)
DOI10.1111/1467-7660.00206
OpenAlexW2149037416
LanguageEN
Citations received40
References cited38

In spite of growing mobility of production and production factors, economic development is increasingly localized in economic agglomerations. This article reviews three partially overlapping perspectives on local economic development, which derive from three factors intensifying the localized nature of economic development: externalities, learning and governance. Externalities play a central role in the new geographical economics of Krugman and in new economic geography of clusters and industrial districts. The dynamics of local economic development are increasingly associated with evolutionary economic thinking in general and with collective learning in particular. Inter-firm and extra-firm organization has experienced considerable innovation in the last few decades. New institutional devices are based on the notions of commodity chain, cluster and milieu. These innovations introduce new issues of economic governance both at the level of industry and of territory

Commodity · Corporate governance · Economic geography · Economic governance · Economic growth · Economic system · Economics · Externality · Local economic development · Market economy · Microeconomics · Production (economics) · Urban agglomeration · Business Strategy and Innovation · Diverse academic and cultural studies · Regional Economics and Spatial Analysis