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Abstract

The empirical literature examining the relationship between economic diversity and eco-nomic growth and stability is inconclusive. Using fourteen years of data for all U.S. counties, this study re-examines the topic in hopes of gaining clarity. This study finds economic diver-sity to be negatively associated with increases in unemployment rates. This study also finds that counties with greater economic diversity experience larger absolute changes in unemploy-ment rates after employment shocks in either direction. These results suggest that higher eco-nomic diversity promotes resilience but decreases stability.

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