DT #570 The Rise of the Fun Economy & AI's Role in Shaping the Future - Jared Smith and Dr. Bo Bernhard

Summary

In this episode of the Develop This Podcast, host Dennis engages with Jared Smith and Dr. Bo Bernhard to discuss the concept of the fun economy, its impact on economic development, and the role of artificial intelligence in shaping future trends. They explore how the fun economy, which encompasses tourism, sports, and entertainment, is becoming a significant driver of global economic growth, especially with the rise of the middle class. The conversation also delves into the challenges faced by economic developers in uncertain times and the importance of leveraging unique regional assets. Finally, they reflect on the potential of AI to enhance economic development practices while acknowledging the need for ethical considerations.

Takeaways

• The fun economy includes tourism, sports, and entertainment.
• 14% of the global economy is driven by the fun economy.
• The rise of the middle class is reshaping consumer behavior.
• Experiences contribute more to happiness than material possessions.
• Economic developers should focus on business certainty.
• AI can streamline economic development processes.
• Younger generations are more ethically aware and innovative.
• Las Vegas serves as a model for leveraging the fun economy.
• Public-private partnerships are crucial for economic growth.
• The future of economic development looks promising despite challenges.