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)...

Where economic activity will locate in the future is one of the most important and challenging questions in economics. Even though advances in technology have reduced the cost of transport and communication which has curtailed the "distance penalty" for business operations, local proximity of...