1. Smart Economy in Smart Cities

Emerging patterns of urbanization world over show differing scenarios in different continents, requiring diverse approaches, policies, and strategies. Amazing democratization of ICT around the world leads to a discussion on sustainable, resource-conserving, and resilient smart cities, and smart city economic development appropriate to different cities, countries, and continents. It can be possible that each city in a particular country and continent may possess differing challenges to smart city economic development. When ancient rural economy gives way to urban economy, which contributes a major share of national domestic product, the emerging question is what constitutes smart city economic development. How is it different from conventional urban economy? Is the theory and practice of conventional urban economy valid in a smart city economy or is it necessary to investigate newer theory and practice of smart city economic development? What is a food shed in a smart city economy in smart cities? What a smart city industry looks like? What constitutes smart city commerce services, transportation, and communication, and how they impact on smart city economy? How do smart cities fit in the urban dynamism and policy dialogue at the global, regional, and national levels? Can smart cities and smart economy be socially inclusive? How to strategize social inclusion in smart city development? What sort of governance and institutional support would smart cities require to fulfil their role with regard to smart economy? What may constitute a Sustainable Model of smart cities economic development, and what may be Smart Cities Standards? These are some of the questions addressed in this chapter.