The Creative Class; Importance of Economic Development and Planning Research Paper

The Creative Class; Importance of Economic Development and Planning - Research Paper Example Pondering over the market strategies adopted by this class, the paper also institutes the notions of the creative class namely brain drain and brain gain. In short, the paper, quoting examples, determines the validity of the claim that the creative class is mandatory for economic planning and development. Over the last few centuries, the world has prospered in many ways. The advancement in science and technology is responsible for all the development that has taken place across the globe. However, despite the era of technology and enlightenment, there are certain things that remain the same. One such thing in the social structure of an economy is the class. (Bonanni, 2004) The term ‘class’ is a very interesting one as it is often used to refer to a group of individuals who possess the economic influence and leverage over a certain number of people. Class, still being a part of the social structure, is a huge determinant of economic planning and development. In fact the last decade has seen a lot of theoretical work on the effect of a certain class on the development of a particular market in an economy. In the past decade, most analysts have pondered over the relationship of creativity (more appropriately the creative class) and economic development. (Atkinson, 2009) For most commentators, the explanation of economic development through the concept of creativity is a tired formula which does not really help achieve any appropriate results. (Peck, 2005) For others however, the idea of an economy that is based on skills and services is a creative one, an idea that has affected the ground rules for achieving economic development. This in tur n has affected how many cities and urban centres (that are economic hubs) have sought to manage their economic policies with a special focus on the arts, culture and other place based characteristics in order to make the cities a better place to live