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In the end, elite sport is just a highly specialised industry.
She believes specialised industry will develop over time in Adelaide, as huge growth already takes place in the tourism industry.
Many parts are brought in ready made: fully 85% of the Leadenhall Building was manufactured in the Midlands and Northern Ireland.But the sheer complexity of building in the capital makes for a small, specialised industry with high barriers to entry.
Implementing more specialised industry/sector-specific measures can serve as an important enhancement of horizontal initiatives but cannot replace them.
This is bad for individuals looking for purpose, as well as the economy as a whole: as RF finds, the average annual pay rise for people moving jobs but staying in the same region is five times higher than those who stay rigidly at the same employer: moving regions – say, to a big city or somewhere with a specialised industry – gives even more reward.
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Even if China could make everything more cheaply, East Asian economies would still benefit if they specialised in industries in which they have a comparative advantage.
Since audit firms tend to specialise by industry, some companies have no choice at all.
The whole point of free trade is that it makes countries specialise in industries where they have a comparative advantage; so when trade barriers are removed, resources are shifted into those industries, and away from less productive uses.
Italy's undoing is to specialise in industries such as textiles and furniture where competition from China and other emerging markets is particularly keen.A devaluation might offer temporary respite for Italian exporters, but it would not be a lasting solution to being in the wrong businesses.
Countries that specialised in those industries in 1980 duly prospered over the subsequent 20 years.
This study analysed the primary data on Thai IP-related law, regulation, firms' R&D and innovation surveys, patent registration, court litigation, and conducted interviews for case studies of firms, policy makers, and university professors specialised in the automotive industry.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com