THIRD LECTURE: Urban Economics 1.
The economic life of any city is vital to its performance and survival, but what concepts do we need to correctly conceptualize it? The notion of "capitalism", useful as it is to give us a rough idea of economic dynamics, is too vague to model trade, production, and the other areas of urban economics. This class introduces a more detailed analysis of the different types of production systems that have animated urban life in the last few centuries: economies of scale, based on routinized labor and centralized management, and economies of agglomeration, based on distributed networks of small producers and the concentration of skilled labor in either cities or in the industrial hinterlands driven by cities.
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