IDEAS home Printed from https://ideas.repec.org/p/ags/cuaewp/18807.html
   My bibliography  Save this paper

Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications

Author

Listed:
  • Ward, William A.
  • Hite, James C.

Abstract

That asset specificity and asset fixity are impediments to economic adjustment is well understood in the literatures of industrial organization and agricultural economics. In this paper, we show that spatial factors can plausible be expected to be arguments in functions that define asset fixity and specificity and, hence, asset fixity may be systematically related to space. The implications with regard to differences across space in rates of adjustment to market signals suggest that the short run is longer in remote than in less remote places, which may prove useful in explaining the behavior of a spatial economic system during times of rapid technological change.

Suggested Citation

  • Ward, William A. & Hite, James C., 1999. "Asset Fixity, Asset Specificity And Regional Economic Change: Hypothesis And Implications," Working Papers 18807, Clemson University, Department of Agricultural and Applied Economics.
    • Handle: RePEc:ags:cuaewp:18807
    DOI: 10.22004/ag.econ.18807
    as

    Download full text from publisher

    File URL: https://ageconsearch.umn.edu/record/18807/files/wp110399.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.22004/ag.econ.18807?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Flammang, Robert A, 1979. "Economic Growth and Economic Development: Counterparts or Competitors?," Economic Development and Cultural Change, University of Chicago Press, vol. 28(1), pages 47-61, October.
    2. Amos, Orley Jr., 1988. "Unbalanced regional growth and regional income inequality in the latter stages of development," Regional Science and Urban Economics, Elsevier, vol. 18(4), pages 549-566, November.
    3. Cletus C. Coughlin & Thomas B. Mandelbaum, 1988. "Why have state per capita incomes diverged recently?," Review, Federal Reserve Bank of St. Louis, issue Sep, pages 24-36.
    4. Rowley, Thomas D. & Redman, John M., 1991. "The Rapid Rise in State Per Capita Income Inequality in the 1980's: Sources and Prospects," Staff Reports 278367, United States Department of Agriculture, Economic Research Service.
    5. Robert J. Barro & Xavier Sala-i-Martin, 1991. "Convergence across States and Regions," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 22(1), pages 107-182.
    6. repec:bla:ecorec:v:71:y:1995:i:213:p:132-44 is not listed on IDEAS
    7. Clark Edwards, 1959. "Resource Fixity and Farm Organization," American Journal of Agricultural Economics, Agricultural and Applied Economics Association, vol. 41(4), pages 747-759.
    8. Orley M. Amos, Jr., 1989. "An Inquiry into the Causes of Increasing Regional Income Inequality in The United States," The Review of Regional Studies, Southern Regional Science Association, vol. 19(2), pages 1-12, Spring.
    9. Barro, Robert J & Sala-i-Martin, Xavier, 1992. "Convergence," Journal of Political Economy, University of Chicago Press, vol. 100(2), pages 223-251, April.
    10. Guido Tella, 1982. "The Economics of the Frontier," Palgrave Macmillan Books, in: Charles P. Kindleberger & Guido Tella (ed.), Economics in the Long View, chapter 13, pages 210-227, Palgrave Macmillan.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Georgeanne M. Artz & Zizhen Guo & Peter F. Orazem, 2016. "Location, Location, Location: Place-Specific Human Capital, Rural Firm Entry and Firm Survival," Center for Agricultural and Rural Development (CARD) Publications apr-winter-2016-1, Center for Agricultural and Rural Development (CARD) at Iowa State University.
    2. Stephan Weiler, 2000. "Information and Market Failure in Local Economic Development: A New Role for Universities?," Economic Development Quarterly, , vol. 14(2), pages 194-203, May.
    3. Artz, Georgeanne M. & Guo, Zizhen & Orazem, Peter F., 2017. "Entrepreneurial Skills in Thick and Thin Markets," ISU General Staff Papers 201707070700001025, Iowa State University, Department of Economics.
    4. Georgeanne M. Artz & Liesl Eathington & Jasmine Francois & Melvin Masinde & Peter F. Orazem, 2020. "Churning in Rural and Urban Retail Markets," The Review of Regional Studies, Southern Regional Science Association, vol. 50(1), pages 110-126.
    5. Artz, Georgeanne M. & Eathington, Liesl & Francois, Jasmine & Masinde, Melvin & Orazem, Peter F., 2017. "Sorting into and out of Rural and Urban Retail Markets," ISU General Staff Papers 201709140700001034, Iowa State University, Department of Economics.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Sergio Rey & Brett Montouri, 1999. "US Regional Income Convergence: A Spatial Econometric Perspective," Regional Studies, Taylor & Francis Journals, vol. 33(2), pages 143-156.
    2. Rey, Sergio, 2015. "Bells in Space: The Spatial Dynamics of US Interpersonal and Interregional Income Inequality," MPRA Paper 69482, University Library of Munich, Germany.
    3. Carlino, Gerald A. & Mills, Leonard, 1996. "Testing neoclassical convergence in regional incomes and earnings," Regional Science and Urban Economics, Elsevier, vol. 26(6), pages 565-590, December.
    4. Elias G. Carayannis & Rajiv Mallick, 1996. "Regional Income Disparities In Canada: Implications For Theories Of Regional Convergence," The Review of Regional Studies, Southern Regional Science Association, vol. 26(1), pages 55-74, Summer.
    5. Fousekis, Panos, 2007. "Convergence of Relative State-level Per Capita Incomes in the United States Revisited," Journal of Regional Analysis and Policy, Mid-Continent Regional Science Association, vol. 37(2), pages 1-10.
    6. Lessmann, Christian & Seidel, André, 2017. "Regional inequality, convergence, and its determinants – A view from outer space," European Economic Review, Elsevier, vol. 92(C), pages 110-132.
    7. Steven C. Deller & Martin Shields & David Tomberlin, 1996. "Price Differentials And Trends In State Income Levels: A Research Note," The Review of Regional Studies, Southern Regional Science Association, vol. 26(1), pages 99-113, Summer.
    8. Alfonso Díez‐Minguela & Rafael González‐Val & Julio Martinez‐Galarraga & M. Teresa Sanchis & Daniel A. Tirado, 2020. "The long‐term relationship between economic development and regional inequality: South‐West Europe, 1860–2010," Papers in Regional Science, Wiley Blackwell, vol. 99(3), pages 479-508, June.
    9. Mark V. JANIKAS & Sergio J. REY, 2005. "Spatial Clustering, Inequality And Income Convergence," Region et Developpement, Region et Developpement, LEAD, Universite du Sud - Toulon Var, vol. 21, pages 45-64.
    10. Roberto Ezcurra & Pedro Pascual, 2007. "Regional Polarisation and National Development in the European Union," Urban Studies, Urban Studies Journal Limited, vol. 44(1), pages 99-122, January.
    11. Andrés Rodríguez-Pose & Roberto Ezcurra, 2010. "Does decentralization matter for regional disparities? A cross-country analysis," Journal of Economic Geography, Oxford University Press, vol. 10(5), pages 619-644, September.
    12. Roberto Ezcurra & Carlos Gil & Pedro Pascual & Manuel Rapún, 2002. "Geografía y dinámica de la desigualdad regional en la Unión Europea," Documentos de Trabajo - Lan Gaiak Departamento de Economía - Universidad Pública de Navarra 0207, Departamento de Economía - Universidad Pública de Navarra.
    13. Riccardo DiCecio & Charles S. Gascon, 2008. "Convergence in the United States: a tale of migration and urbanization," Working Papers 2008-002, Federal Reserve Bank of St. Louis.
    14. Coulombe, Serge & Lee, Frank C., 1998. "Évolution à long terme de la convergence régionale au Canada," L'Actualité Economique, Société Canadienne de Science Economique, vol. 74(1), pages 5-27, mars.
    15. Riccardo DiCecio & Charles Gascon, 2010. "Income convergence in the United States: a tale of migration and urbanization," The Annals of Regional Science, Springer;Western Regional Science Association, vol. 45(2), pages 365-377, October.
    16. George Hammond & Eric Thompson, 2002. "Mobility and Modality Trends in US State Personal Income," Regional Studies, Taylor & Francis Journals, vol. 36(4), pages 375-387.
    17. Eff, E. Anthon, 1999. "Myrdal contra Ohlin: Accounting for the Sources of U.S. County Per Capita Income Convergence Using a Flexible Decomposition Approach," The Review of Regional Studies, Southern Regional Science Association, vol. 29(1), pages 13-36, Summer.
    18. Sergio J. Rey, 2001. "Spatial Analysis of Regional Income Inequality," Urban/Regional 0110002, University Library of Munich, Germany.
    19. Mark V. Janikas & Sergio J. Rey, 2005. "Spatial Clustering, Inequality and Income Convergence," Urban/Regional 0501002, University Library of Munich, Germany.
    20. Rubina Vohra, 1998. "Convergence (divergence) and the U.S. states," Atlantic Economic Journal, Springer;International Atlantic Economic Society, vol. 26(4), pages 372-378, December.

    More about this item

    Keywords

    Industrial Organization;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ags:cuaewp:18807. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: AgEcon Search (email available below). General contact details of provider: https://edirc.repec.org/data/dacleus.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.