The Dynamics of Regional Economic Growth and the Priorities of US Regional Economic Policy

Abstract

Stimulation of the pace and formation of the structure of regional economic growth is invariably one of the fundamental goals of the regional economic policy pursued by the subjects of the federal state. In the context of the cyclical development of regional economic systems and the beginning of the regionalization of the economy of the world leader – the United States of America - the problem of spatial and temporal differentiation of the choice of priorities to stimulate regional economic growth is becoming more urgent. Using the methods of regression modeling and economic statistics, an analysis was made of the influence of the main instruments of regional economic policy on the dynamics of regional economic growth over a long period of time 1961–2020 and forecast up to 2030. The obtained results revealed spatial asymmetries in the combination of the use of fiscal instruments and structural investment measures to regulate economic growth, associated with the level of development of subregions and individual states of the country. The transfer of the investment burden to stimulate regional economic growth in times of crisis to the end consumer is noted. The article substantiates the increasing role of such an instrument of regional policy as the selective regulation of aggregate regional export in the long term, indicating the transition from globalization to regionalization of the development of the economic systems of the states and largest municipalities of the United States to maintain the pace of regional economic growth while changing its structure.