Chapter 14: Economic competitiveness, clusters, and cluster-based development
Cluster theory and its application, cluster-based economic development policy, have been in the forefront of regional economic development theory and practice during the past decade. Regional clusters imply that firms that are part of a geographically defined cluster benefit from being a part of that cluster and that these benefits result in growth in economic output for the region. These benefits accrue as a result of co-location or geographical proximity that, in turn, creates lower input costs for firms through agglomeration economies and facilitates knowledge spillovers that produce innovation and increased productivity. Consequently, firms in effective clusters will be more competitive, and regions with effective clusters will experience greater growth.
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