One of the crucial assumptions regarding the efficiency of the private market is that all involved actors have full information about market opportunities, costs, and benefits. However, this assumption is likely to be only partially fulfilled in many local economic development efforts. In fact,...

The neglected advantages of “new markets†in marginalized rural and inner-city areas have been touted in the policy arena since the early 1990s. Althoughmuch of the motivation has been based on equity, there are potentially strong efficiency arguments for such renewed attention. This...

Comparing local employment portfolios against entrepreneurship, this research finds that local wage and salary job market prospects shape incentives for potential entrepreneurs. Entrepreneurship may thus be more attractive in areas featuring high employment risk and/or low returns. This research...

Although scholars have long emphasized the importance of entrepreneurs to long-term growth prospects, entrepreneurship often receives less attention by policy makers than traditional industrial recruitment efforts as regional growth engines. The effects of entrepreneurship may be more subtle...