The article deals with the problem of the research method used in analyzing the directions of regional specialization (including intelligent ones), which increase competitiveness and accelerate economic development of the region. According to the author’s view, classical trade theory has a limited application in this area while Krugman’s new economic geography can be helpful. The author recalls the theory of Ricci, which combines the elements of both theories, emphasizing the role of productivity growth as the factor that enables to overcome underdevelopment. The author presents the KLEMS productivity accounting and the results of its application, which suggest that this method of analyzing regional specialization has an advantage over other methods.