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DEFFINITIONS AND ATTRIBUTES OF THE KEY PHRASES <br />Dynamic Local Economy <br />Definition <br />As defined here, a dynamic local economy: <br />adequately addresses county revenue needs, allocates costs and benefits appropriately, <br />and is one in which education, jobs and development keep pace with technology. <br />This definition and metrics in Table 2 in the appendix are drawn from: <br />• Orange County Board of Commissioners meeting minutes <br />• Academic literature about static v. dynamic economies <br />• The Innovation Index (see Table 1) <br />• The New Economy Index (see Table 1) <br />Key Attributes <br />In the literature on economic development theory, a dynamic economy is characterized by changes <br />of social phenomena in time, and in this way is distinguished from a static economy (Kuznets, 1930). In <br />a dynamic economy, the formation and dissolution of companies, including small businesses, play a <br />large role, as does entrepreneurial behavior (Glover, 1999). Broadly speaking, entrepreneurship refers <br />to a class of economic actors who are visionary in their re- purposing of current resources or in bringing <br />new products to market (Malizia & Feser, 1999). Entrepreneurial activities are suggested here for <br />measurement because they reflect attitudes that are interpreted as a signal of dynamic economic <br />formation (Coyle & Quah, 2002). Additionally, a workforce that is skilled in creating, using, and repairing <br />current technologies associated with a new economy is key. <br />