Question

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What do you mean by agglomeration economics???


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Answer 1

Answer:

Cities provide markets and also provide services such as banking insurance,transport, etc. to the industry. Many industries tend to come together to make use of the advantages offered by the urban centers known as agglomeration economics.

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Answer 2

Answer:

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Agglomeration economies are the benefi ts that come when fi rms and people

locate near one another together in cities and industrial clusters. These ben-

efi ts all ultimately come from transport costs savings: the only real difference

between a nearby fi rm and one across the continent is that it is easier to con-

nect with a neighbor. Of course, transportation costs must be interpreted

broadly, and they include the difficulties in exchanging goods, people, and

ideas. The connection between agglomeration economies and transport

costs would seem to suggest that agglomerations should become less impor-

tant, as transportation and communication costs have fallen. Yet, a cen-

tral paradox of our time is that in cities, industrial agglomerations remain

remarkably vital, despite ever easier movement of goods and knowledge

across space.

Declining transport costs have facilitated trade between China, India, and

the rest of the world, but within those countries, development has centered

in urban areas. Across the world, urbanization continues to increase, and the

United Nations reports that by the end of 2008, one- half of the world will

live in cities.1

Indeed, megacities have become the gateways between those

developing countries and the developed world. Within the richer nations of

the West, many cities, like New York and London, have experienced remark-

able comebacks since the dire days of the 1970s. Wages, population, and

especially housing prices in many dense centers have experienced robust

growth. Indices of industrial agglomeration show only a slight decrease

in concentration over the last thirty years (Dumais, Ellison, and Glaeser