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Balanced Growth Among Regional Economies : Its Implications And Polices

Chang kon Choi
Published 2014 · Economics

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Abstract This paper aims to understand the meaning of balanced development among regional economies and its importance in the s0-called knowledge-based economy. It is shown that the balanced allocation of human capital is necessary to achieve the efficient allocation of physical capital among regional economies, which makes the equality of marginal product of capital. And a simulation experiment is conducted to calculate the cost of unbalanced growth. It is shown that balanced growth among regional economies may increase the growth rate of whole national economy while unbalanced growth among them reduce it. The policy implication is that for an any economy to grow at a higher rate, the efficient allocation of physical and human capital both are necessary to have the balanced growth of regional economies in knowledge-based economy. Key Words : Knowledge-based economy, Efficient allocation of physical and human capital, The social costs of unbalanced growth among regional economies. 이논문은2013년도전북대학교연구기반조성비지원에의하여연구되었음
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