Regional Impact Modeling Michael Hicks. You can have a new firm or activity that generates regional impact, without relevant economic development and at a time of negative economic growth. Regional Impact ≠ ED or Growth.
You can have a new firm or activity that generates regional impact, without relevant economic development and at a time of negative economic growth.
Technological progress– ubiquitous technological change, university and private R&D, and the ability to capture the benefits in-state
Private Capital – investment by business and residents
Public Capital – the quality of public goods and services, such as highways, etc.
Human Capital – the quality of a labor force (health, education, training and culture).
Unexplained factors – perhaps 1/3rd of growth forces
Growth in a county i, in year t, is a function of technological progress (A), physical capital (both public and private), K, human capital (H) and ‘unexplained variation’ or e.
A process by which communities attract, retain and reinvest wealth to improve the quality of life.
The effect on production, employment, earnings and tax revenues associated with the opening, closing, expansion or contraction of a business, government or other economic activity on a specified region.