The 21st Century Quaternary Economy and its Social and Economic Impacts Flashcards
What is the quaternary economy?
the 5th Kondratiev wave and is based on the creation, evaluation and trading of ideas and information, characterised by a rise in communication and computer information technologies.
In 2015, among the small-medium enterprises, how many of the creative and digital companies were located in city centres?
65% of creatives and 60% of digital.
How large is the digital economy in the UK?
£184 billion, 31% of the UK GDP
It is growing 2.6x faster than other UK sectors.
How has government support influenced cluster growth?
They announced a 50% increase in R&D investment in East London Tech City.
EZs and LEPs also help.
How have universities influenced cluster growth?
Universities can establish university economic zones with businesses spaces allocated for new high-tech startups. The presence of an educated workforce attracts said startups.
What were the triggers that influenced the growth of Silicon Valley?
Hewlett-Packard first began developing oscillators in Palo Alto.
The Bay offered a Mediterranean lifestyle with then-cheap property.
How did Stanford Uni influence the growth of Silicon Valley?
They are a constant source of ideas, innovation and workers.
Berkeley and Caltech have also been influential.
How has Individual Inspiration influenced the growth of Silicon Valley?
Terman, the Dean of Engineering set up Stanford Industrial Park with over 150 firms. He told Hewlett-Packard to begin work on oscillators. Shockley then set up a transistor plant in the SIP in 1956, then dissatisfied employees broke off into Fairchild Semiconductors who made the first silicon chip.
How has inertia influenced the growth of Silicon Valley?
Young workers refusing to leave due to the trigger factors, but also companies have to locate here otherwise other companies will snap up graduates.
Gray, a tech guru in the 1990s, refused to leave the Bay for Microsoft so they set up the Bay Area Research Centre to be able to hire him.
What are some organisations that have moved into the Bay exclusively for agglomeration benefits?
Tesla moved their main plant to Fremont
Airbus chose the Bay over Germany to make use of local expertise.
Biotech firms use graduate concentration to grow - DOt Joint Genome Institute.
What are the main costs of agglomeration in Silicon Valley?
Over-demand for housing, schools and facilities so can deter young families
High property prices - young people and key workers prices out.
Transport overloaded
High pollution and summer droughts 2012-2015.
What are the main benefits of agglomeration in Silicon Valley?
Increased investment into higher education
Developers build housing complexes fast as they have guaranteed profits from young workers.
High levels of highly-placed women.
How has the University of Manchester impacted Manchester?
99,000 students over 4 universities, many contributing to the local economy in privately rented houses and playing a key part in gentrification. Post-graduates likely to stay in the area, helping with gentrification and involved in knowledge-based startups and think tanks.
When did Cambridge open its first science park, and how has the area developed since?
1973, 13 more have opened within 10 miles of the original. It has attracted KIBS jobs and increased living costs.
How has Newcastle over-supplied science parks?
Newcastle maximised their EZ site status but several sites remain completely unoccupied and unmaintained.
