Alfred Weber

Definition

Alfred Weber was a German economist who developed the concept of location theory, which seeks to understand why industries emerge and where they are likely to be located. He proposed that the location decisions of industries are influenced by factors such as transportation costs, labor availability, and market access.

Related terms

Location Factors: These are the various factors that influence the decision of where an industry should be located, such as proximity to resources, transportation networks, and markets.

Agglomeration: This term refers to the clustering or concentration of industries in a specific area due to benefits like shared resources, labor pools, and knowledge spillovers.

Footloose Industry: A footloose industry is one that can be located anywhere without being tied down by specific raw material requirements or market access limitations. They have more flexibility in choosing their locations.