Taking geographical economics out of equilibrium: Implications for theory and policy

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Abstract

This article reports on research that translated a basic model from geographical economics into a dynamic, agent-based environment with the goal of tracing the path it takes towards the equilibrium/a posited by the analytic model. The research finds that the relationships in the analytic model do not make sense in a dynamic space-time economy. Specifically, it is impossible for firms to make decisions about production levels without knowing exactly what every other firm will do and where labor will be available. This finding suggests some new directions for the development of dynamic spatial-economic models that can operate outside of equilibrium.

Original languageEnglish (US)
Pages (from-to)265-284
Number of pages20
JournalJournal of Economic Geography
Volume7
Issue number3
DOIs
StatePublished - May 1 2007

All Science Journal Classification (ASJC) codes

  • Geography, Planning and Development
  • Economics and Econometrics

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