While there is general agreement that the rate of technical change is important in determining an economy’s rate of growth, we have a limited understanding of the sources of technical progress and of why the pace of progress varies over time and space (Lucas 1993). The new growth theories find that the divergence in growth rates may be a result of increasing returns to knowledge (Romer 1986). Geographic concentrations of knowledge facilitate information searches, increase search intensity and, in general, ease task coordination. The presence of external economies accruing to knowledge creates spatial differences in the distribution of economic activity (Lucas 1988; Grossman and Helpman 1992).
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Maryann P. Feldman
- Springer Netherlands