The 3T's of Economic Development

The Rise of the Creative Class, Revisited is an eighteen chapter book published in 2012 by Basic Books and written by Richard Florida, of the University of Toronto's Rotman School of Management and New York University. The author presents a revised and expanded version of his classic work, which pioneered the idea that our society is in the midst of a fundamental economic and cultural shift led by an emerging class of people, defined by their occupations as the Creative Class. He argues that human creativity has become the pivotal force at the heart of current societal change. Supporting his theory with substantial research and grounding his arguments in classic historical and economic thinking, Florida sheds new light on successful Creative Age companies and cities. Chapter 12, The 3T's of Economic Development (38 pages), outlines the requirements for creative growth: technology, talent, and tolerance. The author looks at each factor individually, maps its distribution around the Unites States, and summarizes its influence on the Creative Class. He explains the supporting evidence for his model through several indices that measure a location's openness and diversity as represented by the gay, foreign-born, and non-white populations. He shows the strong correlation between a region's level of tolerance to many positive outcomes, such as wages, innovation, and quality of life. Finally, he combines multiple indices into a Creativity Index to show a region's potential for long-term growth.

• Innovation
• Change management
• Creativity
• Talent management
• Finance and investing