Both predictions are supported by empirical observation. Amine Ouazad & Romain Rancière, 2019. "City Equilibrium With Borrowing Constraints: Structural Estimation And General Equilibrium Effects," ...
Equilibrium city size, absent government, may be larger or smaller than is efficient, depending on how urban externalities vary with population. Efficient formation of cities with internalization of ...
The central city of Mumbai alone has 12 million people ... Glaeser illustrates the primary features of urban economics including the concepts of spatial equilibrium and agglomeration economies.