Journal
JOURNAL OF URBAN ECONOMICS
Volume 56, Issue 2, Pages 244-278Publisher
ACADEMIC PRESS INC ELSEVIER SCIENCE
DOI: 10.1016/j.jue.2004.03.008
Keywords
firm formation; knowledge spillovers; entrepreneurship; human capital; regional growth
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Although human capital externalities are a key variable in theories of economic growth, there has been little investigation of the mechanism by which these externalities are realized. We examine the relationship between the local levels of human capital and firm formation rates and find that formation rates differ with the share of adults with college degrees, especially for industries that normally require college-educated founders. They also differ strongly with the local concentration of existing establishments in the same sector, especially for industries serving non-local markets, suggesting that an important mechanism is the spillover of relevant knowledge. (C) 2004 Elsevier Inc. All rights reserved.
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