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Rethinking Federal Policy for Regional Economic Development

  • Year: 2006
  • Author: Mark Drabenstott
  • Journal Name: Economic Review
  • Journal Number: First Quarter 2006
  • Publisher: Federal Reserve of Kansas City
  • Published Location: Kansas City, MO
  • Country: United States

This article examines how federal policy might shift to align with the new global economy. Three steps are essential in framing those shifts.

1. Federal programs are highly fragmented today, programs largely assume that all regions grow the same way, and that federal spending is focused heavily on physical infrastructure for an industrial economy.
2. Economists believe that the drivers to regional growth have changed dramatically over the past decade. Regions now grow when they gain a competitive edge in rapidly changing global markets. A region's capacity to innovate and its ability to grow entrepreneurs are keys to success.
3. three shifts in federal policy will be important if the nation wants to help regions hone their competitive edge: focus on regional competitiveness, design new efforts to grow entrepreneurs, and create and effective delivery system for taking federal programs to regions.

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