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The economy of Arkansas produced $176.24 billion of gross domestic product in 2023. [1] Six Fortune 500 companies are based in Arkansas, including the world's #1 corporation by revenue, Walmart. [8] Arkansas's per capita income for 2023 was $54,347, and the median household income was $55,432, which ranked 47th among U.S. states. [2] [9]
The highly concentrated high tech industry in Silicon Valley exemplifies industrial localization. [3] Although the cost of labor and land in Silicon Valley is very high, high tech firms continue to locate there because of the added benefit they receive from their proximity to a high-skilled labor pool.
Distributed manufacturing, also known as distributed production, cloud producing, distributed digital manufacturing, and local manufacturing, is a form of decentralized manufacturing practiced by enterprises using a network of geographically dispersed manufacturing facilities that are coordinated using information technology.
Cluster theory is a theory of strategy.. Alfred Marshall, in his book Principles of Economics, published in 1890, first characterized clusters as a "concentration of specialized industries in particular localities" that he termed industrial districts.
Diseconomies of agglomeration are the opposite. For example, spatially concentrated growth in automobile-oriented fields may create problems of crowding and traffic congestion. The tension between economies and diseconomies allows cities to grow but keeps them from becoming too large.
From 1989 to 2019, wealth became increasingly concentrated in the top 1% and top 10% due in large part to corporate stock ownership concentration in those segments of the population; the bottom 50% own little if any corporate stock. [8] From an international perspective, the difference in the US median and mean wealth per adult is over 600%. [9]
The term "Northwest Arkansas" is commonly used to refer to the rapidly growing cities of Benton and Washington counties in the geographic corner of the state. Northwest Arkansas, often abbreviated NWA, has become known as a cohesive region due to the efforts of the Northwest Arkansas Council, an association of community and business leaders formally organized in 1990 to promote regionalization ...
Arkansas (/ ˈ ɑːr k ən s ɔː / ⓘ AR-kən-saw [c]) is a landlocked state in the West South Central region of the Southern United States. [9] [10] It borders Missouri to the north, Tennessee and Mississippi to the east, Louisiana to the south, Texas to the southwest, and Oklahoma to the west.