Description
Title: Economic Specialization’s Effect on Regional Economic Development in the European Union: Considerations for the Development of an Intelligent Specialization Strategy
Abstract: The smart specialization concept, which mandates that regions specify specialization areas for the development of innovations, was implemented in the EU in 2014. Economic specialization reveals that area’s comparative advantage. Various justifications exist, though, for the relationship between specialization and economic growth. These arguments are examined in this study, which also aims to find out how economic specialization affects regional economic growth and offer suggestions for spotting promising regions for regional economies. Relative specialization, or economic specialization in broader regional employment, is ambiguously associated with economic development, according to a panel fixed effect estimation of industry-level regional data. According to our research, ensuring economic growth cannot be achieved by either economic specialization or economic diversity. Since economic structures vary across EU regions, it is impossible to say with certainty which strategy will lead to greater economic growth. The dynamics in the industry structure that may be crucial for the formulation of a regional development strategy cannot be fully captured by specialization measures, particularly the location quotient.
Keywords: economic structure; economic specialization; smart specialization; economic growth; EU regions; tradable sectors
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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