UM: Economy

The Great Lakes IT Report has an article about a study by Ann Arbor-based Michigan Future Inc. and UM economist Don Grimes. The study found that job growth is concentrated in the “knowledge” economy, and that higher education is crucial. Says Grimes: “What most distinguishes successful areas from Michigan is their concentrations of talent, where talent is defined as a combination of knowledge, creativity and entrepreneurship. Quite simply, in a flattening world, the places with the greatest concentrations of talent win. Michigan has lagged in its support of the assets necessary to develop a knowledge economy at the needed scale. Building that economy is going to take a long time and require fundamental change. But we believe it is the only reliable path to regain high prosperity.” [Source]