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Countries differ with regard to labour-market flexibility and 'animal spirits' of entrepreneurs. The paper aims at an analysis of the consequences of these differences in a climate favourable to economic growth. For that purpose a two-country model is presented in section 2. Although wealth variables are taken into account, expectations are assumed to be static. Despite this simplification the model cannot be solved analytically. The role of a dynamic region (USA) versus a more passive region (Europe) is therefore studied by working through numerical examples. [ABSTRACT FROM AUTHOR]

Building upon the companion paper in this issue, this essay analyses five case studies that can be taken as prototypes of the system-wide cultural district culture-led developmental model. The research targets five cities in Europe and the U.S.: Valencia, Austin, Newcastle/ Gateshead, Linz, and Denver. Each presents specific characteristics but also some deep, structural common traits. The case studies are compared and their future viability is evaluated in terms of the factors presented in the companion piece. [ABSTRACT FROM AUTHOR]