MIT11_481Js09_lec03

MIT11_481Js09_lec03 - MIT OpenCourseWare http:/ocw.mit.edu...

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MIT OpenCourseWare http://ocw.mit.edu 11.481J / 1.284J / ESD.192J Analyzing and Accounting for Regional Economic Growth Spring 2009 For information about citing these materials or our Terms of Use, visit: http://ocw.mit.edu/terms .
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PROPERTY RIGHTS’ PERSPECTIVE ON REGIONAL-DEVELOPMENT STRATEGIES A. Original economic-development strategies based on investment alternatives: invest in key sectors (Hirschman) invest in globally competitive firms (Porter) [refer to previous outline of comparison of the two strategies] B. Expanded economic development strategy--asset-based strategy based on property rights and their allocation over space. I propose that policy makers need to measure all tangible and intangible assets available in a region. 1. Tangible assets include capital, labor, land, and natural resources, 2. Intangible assets include managerial and labor training, worker skills, and capital risks. To develop an asset-based economic development strategy, policy makers must focus on long-term planning and determine the ways stakeholders in the region interact with the global economy. C. Important considerations for any property-rights regime for a viable regional strategy taking assets into account. . From the property-rights' and asset- development literature, I have identified five critical features that have an important relevance as a foundation for a strategy of economic development: 1. Institutions 2. Governance mechanisms 3. Control 4. Power (political, social, and economic) 5. Distributional consequences Most property-rights scholars focus on only one, or, at most, two, of these categories and view the category from a single perspective, say legal, economic, political, or social; whereas, in reality, each plays an important role in the development process.
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This note was uploaded on 12/06/2011 for the course ESD 11.481j taught by Professor Karenr.polenske during the Spring '09 term at MIT.

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MIT11_481Js09_lec03 - MIT OpenCourseWare http:/ocw.mit.edu...

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