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Applying the principles of Optimal Control Theory to the problem of regional allocation of investment can be a useful tool for demonstrating how the trade-off between regional equity and overall efficiency can be overcome. This book poses the following questions: are spatial inequalities harmful for overall efficiency? How is the economist to assist the policy-maker in establishing generally applicable criteria or policies when the aims include equity as well as efficiency? Alexiadis analyses the 'equity versus efficiency' dilemma in the allocation of scarce resources, expressing the argument in mathematical terms; an issue of particular importance in development planning and programming. This is invaluable reading for final year and postgraduate students of regional, development and mathematical economics, as well as researchers, policy makers and all those working in regional development institutions.

Do dynamic externalities, in the form of technology creation, adoption and spatial agglomeration shape the pattern of regional growth in Europe? This study provides an alternative view on regional convergence. A model is developed which attributes club-convergence to existing differences with respect to the degree of technology adoption. In the first instance, empirical results suggest that the NUTS-2 regions of the EU-27 converge at a very slow rate. Further tests, however, indicate that convergence is restricted to a specific subset of regions. Such conclusions are tested further, using an alternative model of club-convergence, which incorporates the impact of spatial interaction, agglomeration externalities and technology. This shows that the convergence-club in Europe follows a certain geographical pattern and all members share similar characteristics regarding technology creation and adoption, and agglomeration externalities. ?

"Do dynamic externalities, in the form of technology creation, adoption and spatial agglomeration shape the pattern of regional growth in Europe? This study provides an alternative view on regional convergence. A model is developed which attributes club-convergence to existing differences with respect to the degree of technology adoption. In the first instance, empirical results suggest that the NUTS-2 regions of the EU-27 converge at a very slow rate. Further tests, however, indicate that convergence is restricted to a specific subset of regions. Such conclusions are tested further, using an alternative model of club-convergence, which incorporates the impact of spatial interaction, agglomeration externalities and technology. This shows that the convergence-club in Europe follows a certain geographical pattern and all members share similar characteristics regarding technology creation and adoption, and agglomeration externalities."--Provided by publisher.

AbstractThe principle aims of regional policy can be encapsulated in terms of spatial equity and economic efficiency. Establishing the relation between these two aims is of fundamental importance. Conventionally, however, it is assumed that there is a conflict (trade‐off) between them. In this paper an alternative view is put forward; the two aims can be complementary rather than competitive. Its validity is examined empirically using data for the US States covering the period 1972−2005. The obtained results map an instructive framework for regional policy where the scope for reducing regional inequalities is not incompatible with improvements in economic efficiency. Resumen. Los objetivos principales de la política regional se pueden resumir en términos de equidad espacial y eficacia económica. El establecer la relación entre estos dos propósitos tiene por tanto una importancia fundamental. Tradicionalmente, sin embargo, se ha asumido que existe un conflicto (ventaja relativa) entre ambos. En este artículo proponemos un punto de vista alternativo: ambos propósitos pueden ser complementarios en vez de competir entre sí. Su validez se examina empíricamente mediante la utilización de datos de los EE.UU. del periodo 1972‐2005. Los resultados obtenidos dibujan un marco instructivo para la política regional en el que el alcance para la reducción de desigualdades regionales no es incompatible con las mejoras en la eficacia económica.

Convergence across regional economies has spurred one of the most debatable issues in contemporary research in economics. In this paper we seek to address the question of whether, during the period 1995-2004 the NUTS-2 regions of EU-26 exhibited a tendency to converge in terms of agricultural labour productivity. The approach used in this paper is mainly quantitative, with emphasis on empirical results. However, it is hoped that this paper will be able to isolate some interesting views on the issue of regional convergence in Europe. Application of a series of models indicates that the NUTS-3 regions follow a pattern of club-convergence. This pattern is attributed to initial threshold conditions that determine the composition of the convergence-club.

AbstractThis paper examines the long‐run trends in per‐capita income across the US states (1995–2018). Contrary to the majority of the literature on income convergence, which uses pre‐tax income as the variable of reference, we focus on per‐capita disposable household income. This enables us to better identify any convergence pattern. We apply the Phillips and Sul (2007, 2009) convergence methodology to check the existence of club convergence across the United States and within the Bureau of Economic Analysis (BEA) regions. Our findings confirm the club convergence hypothesis and highlight the role of tax policy in reducing regional disparities.