Ebook Regional Economic Growth and Income Distribution in California
The growth of the U.S. economy is a complex process that evolves over time. One way to reduce this complexity and increase understanding of the growth process is to focus the analysis on a subset of the national economy. To that end, the purpose of this research is to investigate the economic growth and income distribution within regions of the State of California.
The importance of examining both regional economic growth and the distribution of income at the state level is based on two general observations. One, the rate of economic growth within regions of California can differ from the overall rate of growth for the state. Secondly, the sources of economic growth within regions of California can lead to variations in the resulting distribution of income within those regions over time.
This paper contributes to the literature on economic growth and income distribution by applying existing theory and empirical analysis to regions of California. Hopefully, the results of this research will encourage further empirical analysis of various aspects of the growth process within regional economies.
Section I defines the four regions of California chosen for analysis. Section II describes the general nature of production. The importance of initial resource endowments, technology and production will be discussed in the context of economic growth. Section III narrows the analysis by focusing on regional economic growth with special emphasis on California. Regional economics is defined and the scope of production is widened to include agglomeration economies that refer to the concentration of economic activities. Section IV addresses potential sources of change in the pattern of the distribution of income across California’s regions. Section V highlights the relationship between regional economic growth and income inequality while Section VI discusses some implications for regional economic policy. Section VII summarizes this research and offers concluding remarks.
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