Business, Management and Accounting
8 years ago

Specialized industries in clusters boost efficiency and lower transaction costs.

Xihua Daxue xuebao. Zhexue shehui kexue ban
Specialized Cooperation,Transaction Expense and Industrial Clusters
Chen Liu-qin

Paper Summary

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Industry clusters form when specialized industries work together to increase efficiency and lower costs. This happens by dividing labor tasks and improving how businesses interact. The theory of transaction costs helps explain why these clusters develop. By creating new systems that reduce the costs of doing business, industrial clusters can thrive and grow.