Abstract
The major problem of regional economics, which is to explain the location of production and population within a national economy, has often been approached as if it were not amenable to the usual tools of economic analysis. That regional economics is a distinct field can be seen by comparing the similarities and differences between a region and a nation. A region is like a nation in that goods are traded between it and the rest of the world. Locational differences in factor supplies lead to differences in goods produced among regions and hence to trade among regions, just as with nations. The similarities extend partly – but not wholly – to behaviour of the factors of production. Capital is a factor of production displaying mobility among nations and regions.
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Krumm, R.J., Tolley, G.S. (2018). Regional Economics. In: The New Palgrave Dictionary of Economics. Palgrave Macmillan, London. https://doi.org/10.1057/978-1-349-95189-5_1796
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DOI: https://doi.org/10.1057/978-1-349-95189-5_1796
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