Economic diversity and New York State
Abstract: We consider why broad-based economies have some advantages over their more specialized counterparts. We show that diversity can be a spur to productivity and innovation, and that firms in a region with many types of businesses will enjoy easy access to the resources and services needed for production. In addition, we argue that regions with a broad mix of industries possess a buffer against economic shocks that adversely affect individual industries.
File(s): File format is application/pdf https://www.newyorkfed.org/medialibrary/media/research/regional_economy/winter2002.pdf
Provider: Federal Reserve Bank of New York
Part of Series: The Regional Economy of Upstate New York
Publication Date: 2002