Why cities need economic intelligenceThe economies of Europe’s cities are changingfast, and it is not easy to predict which segmentsof the local economy will grow and which oneswill decline. Yet, cities must make decisions as towhere to invest, and face a number of questionsthat are difficultto answer:Where dowe putour bets? Should we go for biotech, ICT, or anyother sector that may have growth potential?Do we want to attract large foreign companies,or rather support our local indigenous smallerfirms, ormustwe promotethestart-up scene?Or is it better not to go for any particularindustry but just improve the quality of lifein the city, hoping that this will help to retainskilled people and attract high tech firms?
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In the recent ‘Regional outlook’, the OECD (2014) convincingly argues that cities can be the drivers of national growth and recovery: in principle, their diversity and density makes people and companies more productive and innovative. This is not only a tale of large cities: over the last decade, as recent studies demonstrate (e.g. Dijkstra, 2013) many smaller and medium-sized cities across Europe were important economic engines. But this did not happen automatically: to make that happen, ‘getting cities right’ is the key challenge, and action on the city level matters! As demonstrated by recent OECD data (OECD, 2014), poorly organised cities fail to reap their economic potential.
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