New framework offers insights to boost regional economic growth and prosperity.
Regional economic growth is a complex topic that involves theories like development stages and export base. Some scholars think these theories need improvement. This paper suggests combining elements from these theories to create a new framework for understanding regional economic growth. The focus is on relationships between different factors like income elasticity of demand and productivity changes. The goal is to increase output per person in a region by improving resource use, knowledge accumulation, and capital investment. The discussion emphasizes intensive growth over extensive growth.