Smart Economic Development

Smart economic development is dependent upon holistic and routine evaluation of economic and societal frameworks. These frameworks need to be assessed and modified as part of an ongoing continuous improvement process. This chapter describes the relationship between smart economic development and sustainability. It prompts evaluation in the mechanics of sustainability‐focused education. It also establishes the view that the measurement of success of smart economic development may not be captured in present, standardly used metrics, namely, gross domestic product (GDP), given that the underlying values that support GDP expansion may be inconsistent with the success parameters associated with sustainability. The chapter also discusses the significance of culture, specifically conscious consumption in enabling sustainable outcomes. Establishment of rational agent decision‐making and responsible conscious consumption provides the conduit for paradigm shifting from consumerism to sustainability.