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The Impact of Cluster Diversity on Economic Performance in U.S. Metropolitan Statistical Areas

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  • Jing Chen

    (Central China Normal University)

Abstract

Conventional wisdom indicates that economic specialization can promote growth, whereas economic stability is associated with diversified economies. This conflicting relationship between specialization and diversity has been questioned, as regional scientists have suggested that specialization and diversity can coexist in a regional economy and proposed the concept of diversified specializations. To test this proposition empirically, two Herfindahl–Hirschman Indices were used to examine the relationship between economic diversity and economic performance among 359 metropolitan statistical areas in the contiguous United States. The first index measures industry diversity across 87 three-digit North American Industry Classification Systems sectors, and the second index quantifies cluster diversity among 51 economic specializations. This analysis confirms that cluster diversity contributes to both stability and growth, and regions can simultaneously pursue both high and stable economic growth.

Suggested Citation

  • Jing Chen, 2019. "The Impact of Cluster Diversity on Economic Performance in U.S. Metropolitan Statistical Areas," Working Papers Research Paper 2019-03, Regional Research Institute, West Virginia University.
    • Handle: RePEc:rri:wpaper:2019rp03
    DOI: 10.1177/0891242419892338
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    File URL: https://researchrepository.wvu.edu/rri_pubs/208/
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    Cited by:

    1. Dengsheng Wu & Xiaoli Lu & Jianping Li & Jing Li, 2020. "Does the institutional diversity of editorial boards increase journal quality? The case economics field," Scientometrics, Springer;Akadémiai Kiadó, vol. 124(2), pages 1579-1597, August.
    2. Akberdina, V. V. & Sergeeva, A. S., 2020. "Strategic Priorities for the Development of Middle Regions in Russia," R-Economy, Ural Federal University, Graduate School of Economics and Management, vol. 6(2), pages 89-99.

    More about this item

    Keywords

    Specialization; Diversity; Economic Structure; Regional Economic Development;
    All these keywords.

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