This article comes in three parts. Part 1 reviews a few pertinent facts about the stunning economic events that have occurred in the United States (and elsewhere) since 2007. The author chose these particular facts from among many for their relevance to the rest of the article. The next two parts take up, first, some of the key lessons that…

State efforts to boost the economy--economic development--first came to Pennsylvania in the 1950s with the establishment of the Pennsylvania Industrial Development Authority (PIDA) low interest loan program used to recruit manufacturers to Pennsylvania, including devastated coal regions. Since that time, economic development in Pennsylvania and…

The economy's need for workers originates in the demand for the goods and services that these workers provide. So, to project employment, BLS starts by estimating the components of gross domestic product (GDP) for 2020. GDP is the value of the final goods produced and services provided in the United States. Then, BLS estimates the size--in…

This paper examines the impact of education on economic growth in Greece over the period 1960-2000 by applying the model introduced by Mankiw, Romer, and Weil. The findings of the empirical analysis reveal that education had a positive and statistically significant effect on economic growth in Greece over the period 1960-2000. The econometric…

The U.S. economy today has been in recovery since 2009. But nearly everyone agrees that the recovery is anemic--too slow to reduce the high level of unemployment. Real Gross Domestic Product (GDP)--the total value of all the goods and services produced in the United States--increased at an annual rate of 2.8 percent in the fourth quarter of 2010.…

This paper estimates the extent and magnitude of US college and university enrollment responses to unanticipated changes in macroeconomic activity. In particular, we consider the relationship between enrollment, economic growth, and inflation. A time series analysis known as a vector autoregression is estimated and impulse response functions are…

Since U.S. economic growth began to slow in 2006, both the Bush and Obama Administrations have enacted a number of fairly costly programs designed to stimulate the economy and employment growth. Because many of these programs are fairly new, there has been little comprehensive examination of their impacts, but initial analysis suggests that these…

Big changes are ahead for China, probably abrupt ones. The economy has grown so rapidly for many years, over 30 years at an average of nine percent a year, that its size makes it a major player in trade and finance and increasingly in political and military matters. This growth is not only of great importance internationally, it is already having…

Why should individuals care about innovation? One reason is because it can help to make life better. More specifically, governments, enterprises and training institutions see innovation as having the potential to increase productivity and, down the track, to increase prosperity for Australia. As far back as 1934, the influential economist Joseph…

The U.S. automotive industry has always been a cyclical business, but its near-collapse in 2008-09 and the subsequent bankruptcy of two of the three largest domestic automakers was more than a cyclical downturn. As light vehicle sales and production slowly recover, the industry has started to hire again, though with caution. In an industry known…

Local, state, and national economies are facing unprecedented levels of international competition. The current fiscal crisis has hampered the ability of many governments in the developed world to directly facilitate economic growth. At the same time, many governments in the developing world are investing significant new resources into local…

The United States is at a critical juncture. The deep recession and weak economic recovery have left one in 10 American workers without a job, and the federal budget is driving the country's debt to unprecedented levels. Business Roundtable believes that the nation's business community, the White House and Congress must work together to encourage…

Compares the workings of a competitive market with the advantages and disadvantages of wage and price controls. (Author/RK)

Discusses the economic situation in the non-Arab nations of Africa. Presents two opposing views of the efforts of the World Bank at adjusting the financial programs of governments of developing countries. Suggests that perhaps with cooperation the cycle of poverty and disease can be broken in Africa. (DK)

The Chinese economy is changing rapidly. Government policy, which once promoted self-sufficiency in production, trade, and financing and rejected the idea of an international division of labor, is now seeking to participate actively in international trade and to operate its economy as efficiently as possible. (IS)