How to Nurture Knowledge-Based Industries in Knowledge-Scarce Regions: Focus on the Busan Region
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In this paper, we observe that most of the regions except Seoul-capital regions in Korea are very stagnating in growth. We try to see how differently many regions invest in R&D. By the comparison of regional LQs of knowledge-based industries we confirm that regions are largely differentiated in the degree of specialization in the knowledge-based industries, in both the manufacturing and service sectors. In particular, most of non-capital areas, such as Busan, are deeply locked in low growth and periphery status trap, substantially lagging behind the capital core areas in the development of knowledge-based industries. It is hard to undo the path-dependency, considering network effects and agglomeration economies in the development of local regions. It simply implies that the government role must be stressed in order to correct market failures in achieving balanced growth of regions. Based on these observations, and recent theories of knowledge clusters, some policy suggestions are made with the focus of on the government role as provider of public infrastructure, facilitator of competitive markets, and gap filler for missing markets or inputs.
Abstract
In this paper, we observe that most of the regions except Seoul-capital regions in Korea are very stagnating in growth. We try to see how differently many regions invest in R&D. By the comparison of regional LQs of knowledge-based industries we confirm that regions are largely differentiated in the degree of specialization in the knowledge-based industries, in both the manufacturing and service sectors. In particular, most of non-capital areas, such as Busan, are deeply locked in low growth and periphery status trap, substantially lagging behind the capital core areas in the development of knowledge-based industries. It is hard to undo the path-dependency, considering network effects and agglomeration economies in the development of local regions. It simply implies that the government role must be stressed in order to correct market failures in achieving balanced growth of regions. Based on these observations, and recent theories of knowledge clusters, some policy suggestions are made with the focus of on the government role as provider of public infrastructure, facilitator of competitive markets, and gap filler for missing markets or inputs.
참고문헌 (29)
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