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industrial inertia |
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The tendency for industry, once established, to remain in its existing location rather than to move with changing economic circumstances. Industrial inertia arises from the fact that many industries will build up local advantages over time as external economies, such as skilled labour and ancillary activities. These can be lost if a firm moves away from an area that may have a traditional concentration on the activity in question. Industrial inertia also arises from more general economies associated with agglomeration and from the relative immobility of fixed capital in the form of plant and machinery. (DMS) |
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