Journal Article

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.

Keywords: Industrial organization - New York (State); Industries - New York (State); Economic development - New York (State); Federal Reserve District, 2nd;

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Bibliographic Information

Provider: Federal Reserve Bank of New York

Part of Series: The Regional Economy of Upstate New York

Publication Date: 2002

Issue: Win