On Regional Development and Dynamic Models,
RAND CORP SANTA MONICA CALIF
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Several topics are discussed in the paper. The topics run from the general to the very specific but have a common core. The first section discusses the general problem of appropriate criteria for regional development this is a problem in sub-optimization. In the second section one particular criterion -- the maximization of the output-investment ratio -- is considered and shown to have some serious flaws. Finally, in the third section, an alternative set of criteria is offered, and a specific dynamic model incorporating those criteria is described. Some results of the application of that model to the economy of the State of California are presented.
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