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Factors Driving States’ Economic Growth in the United States: Social Contagion and a Punctuated Equilibrium Perspective

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한국비교정부학회 (The Korean Association For Comparative Government)|2024.06|한국비교정부학보 (Korean Comparative Government Review)|제28권 제2호|pp. 1-32|DOI 10.18397/kcgr.2024.28.2.1

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참고문헌

키워드

경제성장Economic GrowthAgenda SettingDecision Making정책결정정책의제설정단절균형이론Social ContagionPunctuated Equilibrium Theory (PET)사회전염이론
주제분류행정학

초록

(Purpose) This study empirically examines factors in states’ economic growth with emphases on agenda setting and decision making across U.S. states over a 41-year period (1980–2020). (Design/methodology/approach) The two-step system generalized method of moments (GMM) was used to analyze overall economic growth. (Findings) States considered neighboring states’ policy processes and responded to these circumstances rather than their own policy processes. Elected officials had less policy priority for economic development, whereas a gubernatorial election year produced incremental economic growth. Balanced budget rules prevented drastic economic downturns; tax and expenditure limitations promoted incremental economic growth. All state partisan compositions led to rapid economic decline, which Democrats sought to manage. States with more conservative citizens witnessed overall economic growth along with positive and general punctuation. An initiative process fostered economic growth through these two forms of punctuation as well, while political institutions contributed to negative punctuation. (Research implications or Originality) It expands on features related to states’ economic growth through the lenses of social contagion, social learning theory, and PET. The results offer practitioners valuable insight into the mechanisms behind such growth.

Abstract

(Purpose) This study empirically examines factors in states’ economic growth with emphases on agenda setting and decision making across U.S. states over a 41-year period (1980–2020). (Design/methodology/approach) The two-step system generalized method of moments (GMM) was used to analyze overall economic growth. (Findings) States considered neighboring states’ policy processes and responded to these circumstances rather than their own policy processes. Elected officials had less policy priority for economic development, whereas a gubernatorial election year produced incremental economic growth. Balanced budget rules prevented drastic economic downturns; tax and expenditure limitations promoted incremental economic growth. All state partisan compositions led to rapid economic decline, which Democrats sought to manage. States with more conservative citizens witnessed overall economic growth along with positive and general punctuation. An initiative process fostered economic growth through these two forms of punctuation as well, while political institutions contributed to negative punctuation. (Research implications or Originality) It expands on features related to states’ economic growth through the lenses of social contagion, social learning theory, and PET. The results offer practitioners valuable insight into the mechanisms behind such growth.

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