Regional development aims at improving the quality of life in regions. It includes the creation of jobs, better access to services, and a higher level of infrastructure. These goals can be achieved through a wide variety of planning efforts. They can also include preparing for economic disruptions such as natural disasters, climate change, or the closure of a large company. Regional development also seeks to promote the inclusion of a variety of residents in the process of shaping their communities’ futures.
The field of regional development has been characterized by many different approaches and theories. Two influential strands of literature stand out, evolutionary economic geography (EEG) and regional innovation systems (RIS). Both of these perspectives share a concern with how to identify key regional factors. However, they differ on how these factors are coordinated to generate development trajectories.
EEG takes a holistic approach to understanding the dynamics of the development process. It views the development of a region as an interlinked process, where the underlying structural and institutional conditions are equally important. It also identifies noneconomic factors that play an important role in the development of a region. These include environmental constraints, social conditions and the capacity of a region to learn from others.
By contrast, the RIS literature tends to view the development of a region as a systemic process. It focuses on the ability of a region to exploit its existing resources and create new ones. This can be done through the use of a range of tools, including the use of innovative business models and strategies, the creation of a knowledge network, and the formation of alliances.