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An Analysis of Regional Income Variation among the Five Regions of Oklahoma

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ABSTRACT
This paper investigates recent trends of per capita personal income in the state of Oklahoma to ascertain what if any long-run trends are exhibited. Standard theoretical analysis suggests that per capita incomes are expected to converge, especially across regions. However, recent research indicates that the national trend is one of the regional income divergences. The question posed by this paper is whether or not the per capita income in Oklahoma supports evidence of divergence. The data for 1969 to 2012 obtained from Department of Commerce, Bureau of Economic Analysis (BEA) are analyzed. These data are used to regionalize the state into five distinct county-based areas. Results suggest that Oklahoma exhibits a transitional pattern from convergence to divergence during the period of study. The three objectives of this study are: 1) a test of the growth pole cycle theory; 2) an extension of previous analysis of Oklahoma regional income variation; and 3) a preliminary test of the impact of the 2008 recession on regional income variation. After identification and analysis of the five substate regions, an overview of the growth pole cycle theory explaining the hypothesized pattern is provided, followed by an exposition of the analytical methodology. The analytical results are twofold, first, a baseline analysis regressing variation on per capita income and second, the inclusion of the unemployment rate.
 
Cite this paper
Amos Jr., O. and Ireland, T. (2015) An Analysis of Regional Income Variation among the Five Regions of Oklahoma. Modern Economy, 6, 133-144. doi: 10.4236/me.2015.62011.
 
References
[1]Amos, O.M. (1990) Growth Pole Cycles: A Synthesis of Growth Pole and Long Wave Theories. Review of Regional Studies, 20, 37-48.
 
[2]Amos, O.M. (1995) Secular Seasons: Long Run Trends in Spatial-Temporal Socio-Economic Behavior. Papers in Regional Science, 74, 187-204. http://dx.doi.org/10.1111/j.1435-5597.1995.tb00636.x
 
[3]Amos, O.M. and Ireland, T.C. (2010) Oklahoma Per Capita Personal Income: Converging or Diverging Trends? The 47th Missouri Valley Economic Association Annual Meeting, St. Louis, 28-30 October 2010.
 
[4]Amos, O.M. (2014) Evidence of Increasing Regional Income Variation in the United States: 1969-2006. Modern Economy, 5, 520-532. http://dx.doi.org/10.4236/me.2014.55049
 
[5]Williamson, J.G. (1965) Regional Inequality and the Process of National Development: A Description of the Patterns. Economic Development and Cultural Change, 13, 3-47. http://dx.doi.org/10.1086/450136
 
[6]Amos, O.M. (1988) Unbalanced Regional Growth and Regional Income Inequality in the Latter Stages of Development. Regional Science and Urban Economics, 18, 549-566. http://dx.doi.org/10.1016/0166-0462(88)90026-9
 
[7]Amos, O.M. (2012) An Examination of Short-Run and Long-Run Factors Affecting Regional Income Inequality in the United States. 2012 Conference Proceedings, Mid-Continent Regional Science Association, Bloomington, 6-8 June 2012, 63-79.
 
[8]Amos, O.M. (1989) A Re-Evaluation of Long Cycle Theories: Development as the Satisfaction of Hierarchial Needs. Social Science Quarterly, 70, 341-355.
 
[9]Kondratieff, N.D. and Stolper, W.F. (1935) The Long Waves in Economic Life. The Review of Economics and Statistics, 17, 105-115. http://dx.doi.org/10.2307/1928486
 
[10]Kondratieff, N. (1984) The Long Wave Cycle (Translated by Guy Daniels). Richardson and Snyder, New York.
 
[11]Schumpeter, J.A. (1939) Business Cycles: A Theoretical, Historical, and Statistical Analysis of the Capitalistic Process (2 Volumes). McGraw-Hill, New York.
 
[12]van Duijn, J.J. (1983) The Long Wave in Economic Life. Allen & Unwin, London.
 
[13]Perroux, F. (1955) Note sur la notion de pole de croissance? Economic Appliqee, 307-320. (Translated as: Perroux, F. (1970) Note on the Concept of Growth Poles. In: McKee, D., Dean, R. and Leahy, W., Eds., Regional Economics: Theory and Practice, The Free Press, New York, 93-104.)
 
[14]Lasuen, J.R. (1969) On Growth Poles. Urban Studies, 6, 137-161. http://dx.doi.org/10.1080/00420986920080231
 
[15]Hansen, N.M. (1967) Development Pole Theory in a Regional Context. Kyklos, 20, 709-727. http://dx.doi.org/10.1111/j.1467-6435.1967.tb00871.x
 
[16]Kuznets, S. (1955) Economic Growth and Income Inequality. The American Economic Review, 45, 1-28.
 
[17]Amos, O.M. (1989) An Inquiry into the Causes of Increasing Regional Income Inequality in the United States. The Review of Regional Studies, 19, 1-12.                                                                        eww150204lx
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