Big Ideas - Jane Jacobs: The Economy of Cities - SGS Economics & Planning @SGSEcoandPlan https://www.sgsep.com.au/publications/big-ideas-jane-jacobs-economy-cities
"In 1988 economist Robert Lucas sought to refine the ‘neoclassical’ model of economic growth to account for differences in predicted and observed national growth. His solution was to suggest increases in individual human capital lifted not only the productivity of those individuals but had positive impacts on the productivity of all workers. He cited Jacobs’ work as providing a tangible and compelling explanation of the mechanisms by which these positive externalities became manifest: the knowledge spillovers that are a feature of economic and social life of cities. Such ‘human capital externalities’ are also sometimes referred to as ‘Jacobs externalities’."
Big Ideas - Jane Jacobs: The Economy of Cities - SGS Economics & Planning @SGSEcoandPlan https://www.sgsep.com.au/publications/big-ideas-jane-jacobs-economy-cities
ReplyDelete"In 1988 economist Robert Lucas sought to refine the ‘neoclassical’ model of economic growth to account for differences in predicted and observed national growth. His solution was to suggest increases in individual human capital lifted not only the productivity of those individuals but had positive impacts on the productivity of all workers. He cited Jacobs’ work as providing a tangible and compelling explanation of the mechanisms by which these positive externalities became manifest: the knowledge spillovers that are a feature of economic and social life of cities. Such ‘human capital externalities’ are also sometimes referred to as ‘Jacobs externalities’."
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