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A widespread trend in economic history and sociology is skeptical of the idea that it is possible to develop a theory to capture an essence or unifying thread to markets. [53] For economic geographers, reference to regional, local, or commodity specific markets can serve to undermine assumptions of global integration and highlight geographic ...
The social market economic model, sometimes called Rhine capitalism, is based upon the idea of realizing the benefits of a free-market economy, especially economic performance and high supply of goods while avoiding disadvantages such as market failure, destructive competition, concentration of economic power and the socially harmful effects of ...
External economies of scale result from an increase in the productivity of an entire industry, region, or economy due to factors outside of an individual company. There are three sources of external economies of scale: input sharing, labor market pooling, and knowledge spillovers (Marshall, 1920). [1]
In economics, the economics of location is the study of strategies used by firms and retails in a monopolistically competitive environment in determining where to locate. [1] Unlike a product differentiation strategy, where firms make their products different in order to attract customers, an economics of location strategy is consistent with ...
The argument that "buying local" is good for the economy is questioned by many economic theorists. They argue that transportation costs actually account for a fraction of overall production prices, and that choosing less efficient local products over more efficient nonlocal products is an economic deadweight loss. Moreover, the community as a ...
Local economic development (LED) is an approach to economic development, of note in the developing world that, as its name implies, places importance on activities in and by cities, districts and regions. Local economic development combines economic development activities, urban planning, infrastructure development and social development ...
Many spatial economic topics can be analyzed within either an urban or regional economics framework as some economic phenomena primarily affect localized urban areas while others are felt over much larger regional areas (McCann 2001:3). Arthur O'Sullivan believes urban economics is divided into six related themes: market forces in the ...
Regional economics is a sub-discipline of economics and is often regarded as one of the fields of the social sciences.It addresses the economic aspect of the regional problems that are spatially analyzable so that theoretical or policy implications can be the derived with respect to regions whose geographical scope ranges from local to global areas.