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Job-hopping in Silicon Valley: Some Evidence Concerning the Micro-Foundations of a High-technology Cluster
In Silicon Valleys computer cluster, skilled employees are reported to move rapidly between competing firms, according to the authors. If true, this job-hopping facilitates the reallocation of resources towards firms with superior innovations, but it also creates human capital externalities that reduce incentives to invest in new knowledge.
Geography
Link
http://www.federalreserve.gov/pubs/feds/2005/200511/200511pap.pdf