The Recession and the New Economy of the West: The Familiar Boom and Bust Cycle?

The U.S. West has gone through many periods of economic boom and bust, most of which were associated with rapid rises and declines in commodity markets. The recent structural shift toward a primarily service‐based economy begs the question of whether the driving forces behind the cycles of boom and...

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Bibliographic Details
Published inGrowth and change Vol. 43; no. 3; pp. 419 - 441
Main Authors Gude, Patricia H., Rasker, Ray, Jones, Kingsford L., Haggerty, Julia H., Greenwood, Mark C.
Format Journal Article
LanguageEnglish
Published Lexington Blackwell Publishing Ltd 01.09.2012
Subjects
Commodity market
Commodity markets
Economic change
Economic conditions
Economic development
Economic growth
Economics
Growth theory
Human capital
Markets
Production
Recessions
Studies
United States
Western states
United States > US
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Summary:The U.S. West has gone through many periods of economic boom and bust, most of which were associated with rapid rises and declines in commodity markets. The recent structural shift toward a primarily service‐based economy begs the question of whether the driving forces behind the cycles of boom and bust also may be shifting away from commodities toward people and their resources. This paper explores several factors that contributed to growth in the 1990s and 2000s: asking whether these factors created any advantages or disadvantages during the most recent recession and whether the shift away from commodity production to a knowledge‐ and human capital‐intensive economy has implications for how local areas experience the boom–bust cycle.
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ISSN:0017-4815
1468-2257
DOI:10.1111/j.1468-2257.2012.00592.x