The Economic Force of the City
نویسندگان
چکیده
Despite great progress made in the theory of agglomeration in recent years, a number of gaps remain in our ability to understand why cities continue to have such attractive power in the new economy. Many of the most recent theories of agglomeration attempt to understand cities or clusters as loci of knowledge development and exchange, critical to higher levels of innovation and growth. Yet they do not theorize directly the mechanism which must be at the heart of this process, i.e. face-to-face contact. F2F contact is, we argue, an especially rich and efficient technology of communication in many areas of today's economy. Moreover, it is a form of relation which overcomes certain key moral hazard and confidence problems at the heart of the contemporary economic process, and under certain circumstances, it raises effort levels above what they would otherwise be. It allows efficient selection and matching processes to occur, so that effective partnerships can be formed, or what we term being "in the loop." All in all, F2F contact is at the heart of a key advantage of the city today, its "buzz."
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