Economic Geography Flashcards
(20 cards)
What is economic geography about?
It studies the spatial organisation of economic activities across the world and the resulting uneven economic development.
What kinds of questions does economic geography try to answer?
How economic activity changes over time, what constitutes regional development, how capitalism creates inequality, and the role of globalisation.
How do economists and geographers differ in approach?
Economists use abstract models with assumptions; geographers focus more on empirical diversity and context.
What is a “mid-range theory” in geography?
It refers to context-specific theories that bridge large-scale generalisations and detailed local descriptions.
What does the iceberg metaphor represent in economic geography?
The visible economy (production, trade) is only a small part; beneath are hidden elements like culture, politics, and institutions.
What are some real-world implications of economic geography?
It affects wellbeing, economic growth, development, social cohesion, and policy implementation.
What is the core idea of exogenous growth theory?
Growth is driven by external technological change; output is a function of labour, capital, and exogenous tech.
What are the key assumptions of neoclassical economics?
Perfect competition, perfect mobility of factors, full information, and uniform access to technology.
What does regional convergence theory predict?
That poorer regions will catch up with richer ones due to capital and labour mobility.
Does empirical evidence support this convergence?
No, persistent spatial inequalities challenge this assumption.
What are some criticisms of neoclassical growth theory?
Unrealistic assumptions, lack of spatial context, and mismatch with real-world inequality.
Why is it considered Eurocentric?
It privileges perspectives and interests of Global North countries while creating global ‘winners and losers’.
What is the main difference in endogenous growth theory?
Growth is driven by internal factors like human capital and innovation.
What factors influence technological knowledge growth?
Number of workers in R&D and the existing knowledge stock.
What are the implications of endogenous growth for policy?
Emphasis on investing in education, R&D, and regional capacity-building.
What is a key formula representing endogenous growth?
y = k^α × A^(1 - α), where y is per capita output, k is capital/labour ratio, and A is knowledge.
What does exogenous theory suggest for policy?
Promote mobility, integration, and infrastructure to facilitate capital/labour movement.
What does endogenous theory suggest for regional development?
Tailored policies to enhance innovation and human capital locally.
What are the three pillars of economic geography according to the lecture?
Theories, empirical evidence, and political implications.
Why is global convergence not observed in practice?
Because access to technology and capital is not equally distributed across space.
