There is a huge literature regarding the main determinants and sources of economic growth. Most of the recent work emphasizes on the role of knowledge, and innovation activities typically produced by a specific sector of the economy, and furthermore in the role of entrepreneurship and analysing the implications and the importance for economic growth.
Moreover, the socio-economic and public policies aim to distinguish the determining factors of growth, in order to enhance the regional cohesion and the convergence process. Much of the recent work on regional growth can be viewed as refining the basic economic insights of economic geography. There are two principal theories of why growth rates are differ, the first is the theory of comparative advantage and the second is the theory of increasing returns to scale.
This paper attempts to examine the main sources of regional growth through an inter-and intra sectoral analysis. In particular, the paper attempts to investigate through an empirical inter-comparison study using statistical-data, the determinant sectoral factors and the implications to growth process. We find support for the existence of economic geography effects in several manufacturing sectors and moreover we find that these effects are economically very significant.
The Specialization of Innovation Activities in EU Regions and the Role on the Growth Process, Charalambos Louca, George M. Korres, Efstratios Papanis and Maria Michailidis (2020) Journal of Regional Socio-Economic Issues, Volume 10, Special Issue 1, January 2020, pp.: 17-39.
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