substantially reduces the agency problem and associated loss of productivity. Specifically, I demonstrate that local property tax … finance can attain about as much productivity as a social planner with centralized finance can, even if the social planner is …

productivity in knowledge-intensive clusters in local communities. We also discuss how these considerations should be implemented … industries. Private sector productivity is affected in the same way as production: If production in the knowledgeintensive … industry increases, so does its productivity due to agglomeration effects; leading to higher wages for highly skilled labour …

substantially reduces the agency problem and associated loss of productivity. Specifically, I demonstrate that local property tax … finance can attain about as much productivity as a social planner with centralized finance can, even if the social planner is …