The second law of geography for a spatially enabled economy
2017
Foresman, Tim | Luscombe, Ruth
Location has proven axiomatic as an economic variable throughout human history. Tobler’s first law of geography introduced the importance of location; in that, near things are more related than far things. In an age of digital economies, a new research frontier exists where everything is more related to everything else and has an increased economic value from spatially enabled technology. The accessibility of digital-spatial information has brought economic geographers to a new understanding of markets within a Digital Earth framework. The importance of location to economic value can be expected to grow as the Internet of Things develops in sophistication. New business models enter and disrupt established markets with innovative spatially enabled approaches. A successful penetration of established markets suggests a new business model for financial and functional utility by engaging spatially enabled assets. The second law of geography is introduced as a conceptual framework to comprehend the economic potential of spatially enabled information. A comparative analysis of non-spatial versus spatial web agents provides a quantitative framework to demonstrate the benefits of the Digital Earth economy.
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