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What Does The Study Of Regional Economy Teach Us?

1684 words - 7 pages

What does the study of regional science help us understand? What are the three “building blocks” that underlie the complex patterns of location of economic activity? Should jobs move to people or should people move to jobs?
Regional science is a sub field of social sciences that analyzes approaches to urban, rural, or regional problems. It involves the study of spatial patters to analyze the economic factors of a region. The study of regional science is necessary to improve the economy in today's competitive global market. This study helps the government organizations to identify and make efficient use of public resources by implementing best practices to meet the expectations of the general public. The primary goal of regional science is to frame an economic development policy to improve the economic condition of a particular region. Regional science helps the organizations to take necessary steps to develop the quality of a region such as to provide good educational opportunities, improve transportation facilities and build good infrastructure.
The level of economic activity of a region is determined by three building blocks. The first building block is uneven distribution of the topography that helps to explain a location. It is decided by the location’s access to markets for its goods. The second building block is economies of spatial concentration. Availability of raw materials, skilled and cheap labor is the major determinants of the location of an economic activity. Cost of raw materials contributes to the bulk of the total cost. Cheap and skilled labor is also necessary to give the best productivity with the use of latest technology. The third building block is imperfect mobility. Conveyance to the location plays a vital role. The location should easily be accessible to roads, rails and waterways as these are the efficient and low cost modes of transportation. It is very important to cut down the costs on communication and transportation as these factors may place a limitation on the location. Power resources such as electricity should be readily available to carry on the economic activity in a smooth way.
People think that job opportunities can be improved by relocating. Talented people are the major part that leaves their hometown to maximize their job opportunities. Employment has seen drastic changes over the past few years. People have been migrating to cities in search of better opportunities. This migration in search of employment can be very closely related to the natural amenities available in cities. In the past, people were attracted to rural areas due to the availability of fertile land, natural resources, and vast residences. However, the scenario has changed over the past few years. With the development of technology and growth in infrastructure, people are more inclined towards cities as cities have abundant opportunities for employment. Cities have high wages and a great living standard and this is the main reason that...

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