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The article investigates the effects of the agglomeration of technological activities on the growth in regional productivity, applying the notion of pecuniary knowledge externalities. Pecuniary knowledge externalities enable one to appreciate both the gains and losses associated with the regional concentration of knowledge-generating activities. Both are two sides of the same coin. The gains are due to the reduction in the prices of knowledge as input into its dedicated markets, while the losses stem from the reduction in the prices of knowledge as an output. This analysis allows us to contextualize the effect of geographic proximity on knowledge externalities and their impact on regional growth. Our analysis leads to the hypothesis of an inverted U-shaped relationship between the agglomeration of innovation activities and productivity growth. The empirical analysis based on a large sample of European regions from 1996 to 2003 supports the hypothesis that agglomeration yields diminishing net positive effects beyond a maximum.

本文研究的是的集聚对技术活动的区域生产力增长的影响，利用经济知识外部性的概念。经济知识外部性使一个欣赏的利得和损失都与之关联的区域集中的knowledge-generating活动。两者都是一枚硬币的两面。收益是由于价格的降低知识所奉献的投入市场,而损失源于价格的降低知识作为输出。他允许我们分析的影响知识外部性地缘优势和区域经济增长的影响。我们的分析导致了一个倒u形关系假设之间的凝聚力创新活动和生产力增长。实证分析基于大样本欧洲地区从1996年到2003年支持这个假设集聚净收益递减超出最大正面效应追问

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