Branko Blažević

Modelling regional economic development

Purpose – The central task is to define the ties, existing between economic dimensions, which can be expressed in specific relations that require special attention during projecting to ensure they are not disrupted. The development of a computer‐based mathematical and economic model makes it possible to constantly monitor the condition of the entire economy of a given region, both from a global aspect, as well as by its individual sectors of activities.Design/methodology/approach – Economics employs a number of scientific disciplines and their methods, making this approach both multidisciplinary and interdisciplinary. Unlike the variables defined in the model–variables such as domestic product, the volume of fixed funds, the volume of new investment and employment, which change from year to year – the model parameters are considered constants for the entire period to which the model is applied. The parameter estimation indicates the extent to which the defined model is acceptable as a model of future regi...