The Creative Class and Economic Development

Vocabulary flashcards based on lecture notes about the Creative Class and related economic theories.

Creative Class

A socioeconomic class composed of individuals whose job is to create meaningful new forms (e.g., scientists, engineers, artists, designers).

Super-Creative Core

Innovators in science, arts, and academia; a subgroup of the Creative Class.

Creative Professionals

Knowledge workers in business, law, healthcare, etc.; a subgroup of the Creative Class.

Agglomeration

The clustering of firms in a particular area to gain productive efficiencies.

Cluster Theory (Porter)

The idea that geographically close groups of interconnected companies and institutions in a particular field foster competitive advantage.

Human Capital Theory

Economic development depends on the concentration of highly educated and skilled individuals.

Creative Capital Theory (Florida’s Theory)

Economic growth is driven by a region’s ability to attract and retain creative people (refinement of Human Capital Theory).

Technology (3Ts)

Presence of high-tech industries and innovation.

Talent (3Ts)

Educated, skilled, creative workers.

Tolerance (3Ts)

Openness to diversity (ethnic, sexual, cultural).

Talent Index

% of population with a bachelor’s degree or above (Florida's Index).

Gay Index

% of gay couples—proxy for tolerance (Florida's Index).

Bohemian Index

% of artists, writers, musicians—proxy for cultural and creative vitality (Florida's Index).

Melting Pot Index

% of foreign-born individuals—measures immigrant diversity (Florida's Index).

Quasi-Anonymity

A preference for weak ties over strong communal bonds; allows freedom and diversity.

Social Capital Theory (Putnam)

Economic and community strength comes from strong social networks, civic engagement, and trust.

Creative Centers

Cities attracting creative class due to lifestyle, tolerance, and opportunity.

Service Class/Working Class Regions

Cities lacking creative pull, with limited innovation.

Low Barriers to Entry

Places that are open and accessible to outsiders, encouraging diversity and innovation.

Nerdistans

Communities that are tech-heavy but have low social capital.

Classic Social Capital Communities

Communities with High civic participation, low innovation.

Organizational Age Communities

Communities characterized as old industrial cities.

Downsides to the rise of the creative class

Rising Inequality, Mental Injury and Exclusion, as potential problems associated with it.

Human Capital Theory

Focuses on education and skill levels as the drivers of regional economic growth.

Technology

Innovation capacity and high-tech firms.