Where economic activity will locate in the future is one of the
most important questions in economics. Even though advances in
technology have reduced the cost of transport, communication and
information gathering and processing, hence curtailing the
'distance penalty', local proximity (clusters) of firms that
produce similar, competing and/or related products together with
supporting institutions still matter. Economies of scale,
activity-specific backward and forward linkages (indivisible
production), accumulated knowledge and skills, innovation,
existence of sophisticated customers and a fall in transportation
costs play relevant roles in the 'protection' of clusters and
absolute locational advantages of certain locations. 'Global'
competitiveness often depends on highly concentrated 'local'
knowledge, capabilities and common tacit codes of behaviour, which
can be found in a geographical concentration (cluster) of firms.
General
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