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| Author: | Norman, V. D. Venables, A. J. |
| Title: | Industrial clusters: equilibrium, welfare and policy |
| Journal: | Economica
2004 : NOV, VOL. 71:284, p. 543-558 |
| Index terms: | Cluster analysis Economies of scale Industrial concentration |
| Language: | eng |
| Abstract: | This article examines the size and number of international industrial clusters. The world welfare optimum generally differs from equilibrium. Equilibrium will generally have smaller clusters. Countries have an incentive to use policy to attract an industrial cluster, but the equilibrium of the competition between governments coincides with the world optimum so there is no ‘race to the bottom’. |
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