There has much recent academic and policy interest in the issue of spatial clustering of economic activity, with most attention paid to the geographic concentration of high-tech industries. This paper describes patterns of geographic and industrial concentration in UK production industries at...

The paper studies the effects of tax policy on entrepreneurship and venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide equity finance. They must structure the entrepreneur's profit share and base salary to assure their...