Firms providing goods and services consumed strictly within the region (e.g., grocery stores, dry cleaners, local barbers).
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Regional economics shifts the analytical lens from city streets to national geography. Central Place Theory (Christaller & Lösch)
Regional economics scales up from the city level to look at entire states, provinces, or nations. It seeks to explain why some regions prosper while others stagnate. The Economic Base Model
The Monocentric City Model, developed by William Alonso, Richard Muth, and Edwin Mills, is the foundational framework for analyzing modern urban spatial structure.
Thus, market forces alone may not eliminate regional inequality; they may amplify it. This opens the door for policy interventions.
Moving beyond a single city, regional economics looks at why entire areas (like Silicon Valley or the Rust Belt) succeed or decline. Location Theory : Models like the Von Thünen model Weber’s model
Urban and regional economics bridges the gap between economic theory and spatial geography. This field examines how space, distance, and location affect economic decisions, housing markets, transportation systems, and government policies.
Downward-sloping land value curves based on CBD commuting costs. Harold Hotelling Businesses clustering together to optimize market share. New Economic Geography Paul Krugman
Location prices change until individuals are indifferent between different spots.
Production sold to consumers outside the region (e.g., manufacturing, tourism). This sector injects outside money into the local economy.
High concentrations of downstream firms allow upstream suppliers to achieve economies of scale, lowering component costs.
In modern urban settings, different sectors compete for space. The steeper a sector's bid-rent curve, the more value it places on being central.
Firms and households make optimal location choices based on trade-offs between transport costs, production costs, and land prices. Von Thünen’s Agricultural Land Use Model
The fundamental question of urban economics is why people and businesses cluster together despite high land costs and congestion. The answer lies in —the economic benefits obtained when firms and people locate near one another. Microfoundations of Agglomeration
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: Understanding market signals allows for better management of urban growth, housing affordability, and resource consumption. Top Resources for Lecture Notes and Study Materials URBAN AND REGIONAL ECONOMICS