Economic impact modelling of smart specialization policy: Which industries should prioritization target?

Attila Varga, Norbert Szabó, Tamás Sebestyén

Research output: Contribution to journalArticle

Abstract

In this paper we argue that it is necessary to apply economic impact models in smart specialization policy in order to come up with reliable economic impact estimations. Solutions suggested in the smart specialization (S3) literature for economic impact assessments cover the economic effects only partially. To estimate the impacts in the industrial, regional and national dimensions in their entirety the application of specifically designed economic models becomes necessary. We extended the geographic macro and regional (GMR)-Hungary policy impact model with additional features to make this model applicable for S3 economic impact estimations. In our policy simulations we illustrate how the application of this model helps policy-makers in the prioritization process.

Original languageEnglish
JournalPapers in Regional Science
DOIs
Publication statusAccepted/In press - Jan 1 2020

Keywords

  • economic growth
  • economic impact assessment
  • GMR models
  • regional development
  • smart specialization

ASJC Scopus subject areas

  • Geography, Planning and Development
  • Environmental Science (miscellaneous)

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