Although it is widely recognized that changes in technology and competition have diminished many of the traditional roles of location, this study argues for a prominent role of clusters, or geographic concentrations of interconnected companies, specialized suppliers, service providers, and...

There is a fierce regional competition to grow “innovation clusters” going on in the U.S. Many worry states and cities are overspending on innovation rather than focusing on more immediate problems like improving basic infrastructure. For the first time, the federal government has taken...