On economic geography in economic theory: increasing returns and pecuniary externalities

Abstract

Our objective is twofold. First, we show why there is a spatial question in economic theory in that a free competitive market is unable to cope with agglomeration and regional imbalance in the absence of distorsions. Second, using a new and simple model, we review what has been accomplished in the 1990s when due allowance is given to increasing returns, while market structure is given by monopolistic competition. 1

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