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Entrepreneurships, the New Economy and Public Policy
We propose a Nelson-Winter model with an explicitly defined landscape to study the formation of high-tech industrial clusters such as those in Silicon Valley. The existing literature treats clusters as the result of location choices and focuses on how firms may benefit from locating in a cluster. We deviate from this tradition by emphasizing that high-tech industrial clusters are characterized by concentrated entrepreneurship. We argue that the emergence of clusters can be explained by thedoi:10.1007/3-540-26994-0_6 fatcat:dun6pztrbbaidav4yh3vx74pje