Economic Transformation Requires New Methods
Economic Transformation Requires New Methods of Economic Development Evaluation

Web: http://www.camoinassociates.com/blog/post/Economic-Transformation-Requires-New-Methods-of-Economic-Development-Evaluation.aspx

As introduced in Searching for a New Dynamic: Rethinking Economic Development Rick Smyre, (President, Center for Communities of the Future) and I expressed that the Economic transformation is occurring in three primary areas:
  • The last stages of the Industrial Economy – This stage is focused on competing for business attraction and retention/expansion within specific geographic areas primarily through incentives to lower costs, infrastructure provision, access to financing, and worker training.
  • Knowledge Economy  - a transitional economic phase – The focus here is on the physical factors and lowering costs to give way to a concentration on the Digital economy.  This Digital economy requires a highly educated and skilled workforce; Research and Development; Intellectual property protection; Technology transfer; Venture and angel capital; and Commercialization. However focus still remains on competing for business attraction and expansion/retention to specific geographic areas. 
  • The emerging Creative Molecular Economy (CME)
A working definition of the Creative Molecular Economy is:  An economy based on the integration of EMERGING TECHNOLOGIES, with CREATIVE individuals, small groups and companies organized in INTERLOCKING NETWORKS, connecting and disconnecting constantly in processes of CONTINUOUS INNOVATION. 
 

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