“…Input-output models stress the interdependence of industries within regions and are, of course, production function oriented (Isard, 1960). Econometric regional models frequently 'miniaturize' macroeconomic specifications but, in general, vary highly in structure (Adams et al, 1975;Glickman, 1977;Hall and Licari, 1974;and Latham et al, 1979). More recently, regional models have tended to merge elements of these three approaches.…”