Construction and Use of Regional Input-Output Models: Progress and Prospects

Abstract

This article provides a general overview of the progress of regional input-output from the "classical" era of detailed survey-based tables to the modern era of the growth and implicit acceptance of the so-called ready-made models. It is argued that this progress has been based on empirical research rather than theoretical/logical development. The article identifies and examines two issues which have been largely overlooked in the literature, namely the extent of professional involvement in the preparation of tables, and the extent to which professional guarantees or warranties may be applicable. In contemplating a future dominated by ready-made models, it is concluded that hybrid models provide a preferable alternative for future direction in regional tables.