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Urban Structure and Economic Growth

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  • Peter Gordon
  • Harry W. Richardson

Abstract

Adam Smith was one of the first to call attention to economic growth differences among nations. He described how the workings of markets, specifically the extent of specialization in production, offer a plausible explanation of these differentials. This idea has been enriched over the years with the insights of Joseph Schumpeter, F.A. Hayek, Douglass North, and many others. Schumpeter highlighted the notion of the entrepreneur as the prime mover in markets. Acts of successful discovery underlie the dynamics of economic growth. Hayek elaborated that a market that generates opportunity cost signals makes it possible for large numbers of strangers to coordinate all the efforts that implement the entrepreneur‟s vision.

Suggested Citation

  • Peter Gordon & Harry W. Richardson, 2010. "Urban Structure and Economic Growth," Working Paper 8517, USC Lusk Center for Real Estate.
    • Handle: RePEc:luk:wpaper:8517
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    File URL: http://lusk.usc.edu/sites/default/files/working_papers/wp_2010_1001.pdf
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    References listed on IDEAS

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    Cited by:

    1. Vusal Murselzade & Behiye Cavusoglu, 2021. "Relationship between the Service Sector and Economic Growth: Evidence from China," Asian Journal of Social Sciences and Management Studies, Asian Online Journal Publishing Group, vol. 8(1), pages 15-22.

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