A new broad composite model of regional economic development as a framework for research

The mechanism of regional economic development has been studied extensively by economists, geographers, town planners and other academics. The existing wide varieties of theories into regional economic development are insufficient on their own in explaining how a region can develop and prosper. Each theory has evaluated a few facets of regional economic development. Research from these different perspectives is narrow and prevents any cross-fertilization of research from all these diverse<br />theories.<br /><br />Recognition of multiple factors affecting the development process has led the author to create a new broad composite model of regional economic development. The paper first sets out to describe and explain this broad composite model. Each of the components of this new model draws heavily upon seminal work in the field. This model proposes three rings. Each ring is at a different level of abstraction. The determinants of development described in each ring can influence each and every other determinant of development shown in the three ring structure. This model recognises that development in any centre, regional or urban, nascent or established is a composite end result of the complex interplay of all the determinants of development.<br /><br />The paper then goes on to show how this model can provide a broad holistic approach to regional economic development that can assist researchers in their attempts to understand and link the various theories of regional economic development.<br />