ABSTRACT
Local and regional economic development concerns the development of resources and wealth, employment, and social opportunities at the sub-national level. Generally the local level is associated with local labour markets and/or local networks of inter-business relations. Capacity building is a concept used to define the development of the potential to influence economic development positively. Local and regional economic development is a multi-agent process within which government has to develop exchanges. Despite attempts to join up government, economic development at local and regional level remains a multi-agent process. Co-working, partnership and cooperation have to be key elements for policy development to be successful. Endogenous growth theory in part stimulates and in part derives from recognising the importance of technical drivers of change in modern economies. The chapter also presents an overview of the key concepts discussed in this book.
