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The foundational economy and regional development

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  • Teis Hansen

Abstract

The foundational economy approach to economic development suggests that the production of goods and services that are critical to human welfare (e.g., water, energy, education and elderly care) should be the central concern for policymaking. This paper examines whether this approach could address three core challenges for regional development: social polarization, interregional inequality and environmental sustainability. It concludes that the foundational economy approach is particularly promising in addressing challenges relating to social polarization, but could benefit from further engagement with alternative theories on innovation, work in political science on policy for improving government quality, and various literatures on environmental sustainability.

Suggested Citation

  • Teis Hansen, 2022. "The foundational economy and regional development," Regional Studies, Taylor & Francis Journals, vol. 56(6), pages 1033-1042, June.
    • Handle: RePEc:taf:regstd:v:56:y:2022:i:6:p:1033-1042
    DOI: 10.1080/00343404.2021.1939860
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    Cited by:

    1. Richard Crisp & David Waite & Anne Green & Ceri Hughes & Ruth Lupton & Danny MacKinnon & Andy Pike, 2024. "‘Beyond GDP’ in cities: Assessing alternative approaches to urban economic development," Urban Studies, Urban Studies Journal Limited, vol. 61(7), pages 1209-1229, May.
    2. Maximilian Benner & Michaela Trippl & Robert Hassink, 2024. "Sustainable and inclusive development in left-behind places," Review of Regional Research: Jahrbuch für Regionalwissenschaft, Springer;Gesellschaft für Regionalforschung (GfR), vol. 44(3), pages 237-249, September.
    3. Mikhail Martynovich & Teis Hansen & Karl-Johan Lundquist, 2023. "Can foundational economy save regions in crisis?," Journal of Economic Geography, Oxford University Press, vol. 23(3), pages 577-599.
    4. Grillitsch, Markus & Coenen, Lars & Morgan, Kevin, 2023. "Directionality and Subsidiarity: A Regional Policy for People and Planet," Papers in Innovation Studies 2023/1, Lund University, CIRCLE - Centre for Innovation Research.
    5. Mikhail Martynovich & Teis Hansen & Karl-Johan Lundquist, 2023. "Can foundational economy save regions in crisis?," Journal of International Economic Law, Oxford University Press, vol. 23(3), pages 577-599.

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