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An Introduction to Regional Economics
Edgar M. Hoover and Frank Giarratani
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Introduction
1.1 WHAT IS REGIONAL ECONOMICS?
Economic systems are dynamic entities, and the nature and consequences of changes that take place in these systems are of considerable importance. Such change affects the well-being of individuals and ultimately the social and political fabric of community and nation. As social beings, we cannot help but react to the changes we observe. For some people that reaction is quite passive; the economy changes, and they find that their immediate environment is somehow different, forcing adjustment to the new reality. For others, changes in the economic system represent a challenge; they seek to understand the nature of factors that have led to change and may, in light of that knowledge, adjust their own
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