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Multi-Region Growth Economies

In: Economic Growth with Income and Wealth Distribution

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  • Wei-Bin Zhang

Abstract

When one contrasts spatial inequality of economic geography between, for instance, Los Angeles and Boston, one may think of differences in cultural, geographical, and economic factors between the two regions. Regional differences in income and wealth distribution are evident. Nevertheless, there is no proper theoretical framework for studying regional growth and development with income and wealth distribution. Although the neoclassical growth models are the main analytical tool for theoretical economists to explore the complexity of economic growth with capital accumulation, the predication from neoclassical growth theory that the free movements of goods and factors of production and their ensuing price convergence will lead to the spatial convergence of income is not empirically confirmed in general. As shown before, the traditional neoclassical growth theory does not have a proper behavioral mechanism for the behavior of households. This is perhaps the main reason that the neoclassical growth theory has been almost silent on spatial issues of economic growth.

Suggested Citation

  • Wei-Bin Zhang, 2006. "Multi-Region Growth Economies," Palgrave Macmillan Books, in: Economic Growth with Income and Wealth Distribution, chapter 7, pages 275-322, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-50633-6_7
    DOI: 10.1057/9780230506336_7
    as

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