Recently, I was looking into The Center on Rural Innovation (CORI), and in a blog post titled “The Equity of Economic Opportunity in Rural America” was a phrase I was unfamiliar with: Knowledge Economy. Digging deeper I found that the Oxford Dictionary defines “Knowledge Economy” as “an economy in which growth is dependent on the quantity, quality, and accessibility of the information available, rather than the means of production.” An article by Adam Hayes expands on that definition to say, “The knowledge economy is a system of consumption and production that is based on intellectual capital. In particular, it refers to the ability to capitalize on scientific discoveries and applied research.”
Looking at those two definitions, it may be difficult to see how rural areas could capitalize on this idea. “We tend to think of cities as the necessary homes of technological innovation, and rural areas as places that, by contrast, have not been able to keep up.” (The Equity of Economic Opportunity in Rural America) But in reality, many rural areas such as the Oil Region, have already led the way in new ideas. Now, with a decline in those original industries, rural areas have available space needed to cultivate an economy based largely on innovation and technological advancement.
This is not to say that industry and production are not significant drivers of our local economy or that they are going away. Manufacturing is a major industry in our area. Having married into a machine shop family, I get to see just how far the reach of the Oil Region goes, even in just one sector. And I hope to see even more of our national supply come from Northwest Pennsylvania as we continue to innovate and grow. But how can we help local machine shops and other manufacturers to be able to compete with global suppliers? Maybe an alliance or a partnership between the Knowledge Economy and the Production Economy is the solution.
Next week, we will look at six key elements of Knowledge Economies: Innovation Capability, Leadership, Human Capital, Information Technology Resources, Financial Resources, and Innovation Climate.
If you have any questions, concerns, or ideas about this or any other redevelopment topic, I’d love to hear from you at one of our weekly coffee chats! Stop in and share your thoughts during this informal public forum on Fridays in Foxburg from 1-3 p.m. at Divani. Or you can reach out through email!
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Rachel Brosnahan is the Community Engagement Coordinator for River Roots Redevelopment. She can be reached by email at rachel@riverrootsredevelopment.org.
