Industrial Diversification and Regional Employment Stability – a Framework for Analysis
This paper by Bernard Trendle, Office of Economic and Statistical Research, Queensland Treasury was presented at the Australia New Zealand Regional Science Association International (ANZRSAI) Annual Conference, September 1999.
It is widely believed that fluctuations in regional employment and economic growth can be reduced by increasing the diversity of the economic base of the region. Several approaches have been developed to measure regional economic diversity. Most of these techniques while providing a measure of diversity do not link this measure to changes in the economic performance of the region. An exception to this is provided by the portfolio selection framework which explicitly links the concept of industrial diversity to a measure of regional efficiency. This framework can be used to study the implications of diversification policies. In this paper a portfolio selection model is applied to employment data for Queensland, the framework is used to provide an insight into how changes in the economic base of the State are subject to growth and instability trade-offs.
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Last reviewed: Dec 20, 2006, Last modified: Dec 12, 2006
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