Economic Rationale of Michigan's Cool Cities Initiative
Lee, Katherine H.
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In order to compete in a changing economy, Michigan initiated a statewide program called Michigan's Cool Cities. Based on Richard Florida's "Creative Capital" theory, the initiative worked to encourage communities to revitalize living and working spaces. The underlying theory examines the creative capacity of human capital, announcing its ability to attract businesses and economic activity. Therefore, cities should focus their economic development on components that make places attractive to creative people. These components are technology, talent, and tolerance. The Cool Cities initiative influenced Michigan cities to incorporate this type of development into their economic growth strategies. As Florida's theory is intended for the development of cities and not of entire states, the Cool Cities initiative may prove inefficient to meet the state goals it originally set out to achieve.