less labour , especially for production and distribution in design-driven industries like fashion , pharmaceuticals and construction . These sectors will become more personalised , with production localised in smaller , specialised economic hubs . Concurrently , changes at a global scale will be driven by artificial intelligence , big data and digital infrastructure that are expected to connect regions and economies into a seamless global ‘ neural network ’ ( Rifkin , 2011 ). Under these conditions of global technological transformation , the economy will transition to a model based on high technology structures , which will be initially critical to escape current conditions of global stagnation . This trend will see the foundation of the economy transition from capital to knowledge and become heavily centred around networks and human resources . Communications , business transactions , science , research , e-commerce and innovation clusters will become increasingly important for advanced economies . Relationships and information exchange between people will be the critical factors in facilitating the transition to higher technological structures ( Matyushok et al ., 2021 ).
The increased interdependency of different industries and economic activities will require innovative economic development and planning responses . Co-location of business activity has already been shown to generate a number of economic and social benefits , including providing a context for peer learning between firms . However , businesses are often prevented from participating in such networks due to small business size or high physical distance ( Merrell et al ., 2022 ). Public spaces , particularly those that integrate commercial and social activity , will play an important role in spatially facilitating knowledge access and resource exchange in the future . Additionally , they have the potential to foster efficiencies in the production and distribution networks that are expected to become increasingly localised . This could take the form of public hubs of economic activity , or networks of commercial activity centred around public spaces that facilitate formal and informal knowledge exchange . This would align with the vision proposed by Roberts ( 2015 ) of mixed-use urban villages integrated within the structure of large metropolitan economies . Regardless of their form , in the face of changing economic incentives , public spaces will be a critical transitioning to a more human-centric economy .
CONCLUSION This article provides an argument for conceptualising public spaces as infrastructure of social connection . Our human need for social connection that was once organically fulfilled by social , economic and cultural production has now been decoupled from these processes . Additionally , rapid technological advances are transitioning us into an economic landscape that will be centred around human interaction and reliant on connected networks of local knowledge , markets and resources . It will therefore be important for social connectedness to be a component of our constantly evolving definition of economic prosperity . Public spaces are the key location for social interaction outside of the home and workplace , a role which is expected to become more important over time . I have explored how , by facilitating social connection , public spaces have the potential to deliver significant value at both the interpersonal and macroeconomic levels . Government recognition of this important role will be necessary to successfully navigate through economic and social transitions , and ensure that the level of investment in public spaces reflects their value .
More detailed research should be undertaken to understand how public spaces can be improved to maximise the benefits described in this article . This will also require consideration of how to best measure social and economic connectedness .
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ABOUT THE AUTHOR
JULIA CRETAN Julia Cretan is a Senior Consultant at Urban Enterprise , where she advises public and private sector clients across the fields of economic development , urban economics , property and tourism . With economics qualifications from the University of Melbourne , Julia applies her analytical skills in data analysis and economic modelling to urban and regional settings across Australia . Julia is particularly interested in the intersection of housing markets , urban landscapes and social outcomes . She applies a critical lens to the mainstream structures that shape economic and social discourse .
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