To develop an ideal city that will the future filled with opportunities, it requires a basic economic infrastructure. There are two fundamental goals that any smart city would try to achieve. The first fundamental goal is to create a high-quality living environment with the right investment and planning. And the second objective is to make sure that the development is sustainable based on all integrated models like economic, social, transport, energy, environmental, and more.
An objective of a smart city is to provide a modern quality of life that would include the use of innovative technologies to provide cost-effective and environmentally friendly city-life support systems. The growth plan includes making your city the industrial cities with science, innovation, and technology parks, slowly gaining control over the accommodation, people, environment, economy, and mobility.
To study the features of socio-economic development, the service sector in the urban economy has created a framework of research on the synergetic paradigm of modern science. They consider the conceptual results of evolutionary and institutional economics, the theory of economic transformation, strategic management theory, and social economy theory.
The economic infrastructure of a smart city is based on 9 major components. These components are:
A smart city is adaptable in nature. Whenever there is a change in the economic, social, and cultural conditions of the city, it influences the 9 components. The “smart city” ideally focus on the people and the continuous development of the city with constant regard to the requirements of environmental and economic sustainability.
The funding and the investment for the “smart city” focus around the above 9 components. The investment and funding are incurred budget funds, banks, and funds, as well as through public-private partnerships and are planned with exact requirements and specifications. If the design, construction pattern, and implementation are not done by the skilled and expert, this could harm the economic infrastructure. A city that uses its resources smartly an efficiently results in cost-saving and energy-saving to improve the quality of services and life. This has the right impact on the environment, supporting innovation, and environmentally friendly economy.
The sociologists and economists suggest that even if the automation sector is developing, there will be no such case of unemployment. In all the sectors, there will be a demand for professionals like social workers, health care, education, and service. The requirements for professional and skilled people will significantly increase and will result in the development of educational systems. The smart city needs smart, intelligent, responsible citizens who will be engaged actively towards the growth of the city resulting in economic growth. A smart city is an open system in which everyone can realize their responsibility and role to initiate and improve their quality of life.
Any city is ideal in terms of the way man build it. A society is a perfect example of an ideal socio-economic infrastructure as the man for their comfortable living creates it. And so, it is exactly the way it should be that can facilitate further economic development to make the city as sustainable and smart to withstand the adversities and overcome the challenges.