Markusen and Glasmeier propose an intriguing overhaul for federal economic development policy. Many elements of their prescription are badly needed. However, their remedy does not fully embrace a conclusion that much of the rest of the world has reached—that economic development policy is about helping “regions” compete in the global economic race. The secret to overhauling federal economic development policy, therefore, probably lies in positioning federal policy to supply the ingredients most essential to competitive regions. Four ingredients appear to be especially important going forward: strategy, governance, innovation, and entrepreneurship.
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