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Creative capital, information and communication technologies, and economic growth in smart cities
Rochester Inst Technol, Dept Econ, 92 Lomb Mem Dr, Rochester, NY 14623 USA..
KTH.
2019 (English)In: Economics of Innovation and New Technology, ISSN 1043-8599, E-ISSN 1476-8364, Vol. 28, no 2, p. 142-155Article in journal (Refereed) Published
Abstract [en]

We study aspects of economic growth in a stylized smart city with two distinct features. First, the modeled inhabitants of this city are smart because they possess skills. Using the language of Richard Florida, these inhabitants comprise the city's creative class and hence they possess creative capital. Second, the city is smart because it uses information and communication technologies (ICTs) and we model one specific kind of ICT use. In this setting, we first derive expressions for three growth related metrics. Second, we use these metrics to show that the economy of smart city A converges to a balanced growth path (BGP). Third, we compute the growth rate of output per effective creative capital unit on this BGP. Fourth, we study how heterogeneity in initial conditions affects outcomes on the BGP by introducing a second smart city B into the analysis. At time t = 0 two key savings rates in city A are twice as large as in city B. We compute the ratio of the BGP value of income per effective creative capital unit in city A to its value in city B. Finally, we compute the ratio of the BGP value of skills per effective creative capital unit in city A to its value in city B.

Place, publisher, year, edition, pages
ROUTLEDGE JOURNALS, TAYLOR & FRANCIS LTD , 2019. Vol. 28, no 2, p. 142-155
Keywords [en]
Creative capital, creative class, economic growth, skills, smart city
National Category
Economic Geography
Identifiers
URN: urn:nbn:se:kth:diva-244545DOI: 10.1080/10438599.2018.1433587ISI: 000458309600002Scopus ID: 2-s2.0-85041623642OAI: oai:DiVA.org:kth-244545DiVA, id: diva2:1304450
Note

QC 20190412

Available from: 2019-04-12 Created: 2019-04-12 Last updated: 2019-04-12Bibliographically approved

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CiteExportLink to record
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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf