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→History of economics
Economic thought originated with the rise of the state. Classical economics, or the long-run model, was articulated by [[Adam Smith]] and has since fomented the rise of free-market capitalism in economic thought.<ref>http://cepa.newschool.edu/het</ref>
Economic thought originated with the rise of the state. Classical economics, or the long-run model, was articulated by [[Adam Smith]] and has since fomented the rise of free-market capitalism in economic thought.<ref>http://cepa.newschool.edu/het</ref>
== Labor productivity ==
''See also:'' [[Labor productivity]]
Investopedia says about the importance of labor productivity to an economy, "Labor productivity is largely driven by investment in capital, technological progress, and human capital development. Labor productivity is directly linked to improved standards of living in the form of higher consumption. As an economy's labor productivity grows, it produces more goods and services for the same amount of relative work. This increase in output makes it possible to consume more of the goods and services for an increasingly reasonable price."<ref>[https://www.investopedia.com/terms/l/labor-productivity.asp Labor Productivity: What It Is, How to Calculate & Improve It], Investopedia</ref>
According to Yahoo Finance: "Efficiency in production, also coined as productivity, is one of the major driving forces behind economic resilience in a country."<ref>[https://finance.yahoo.com/news/25-most-productive-countries-per-185738034.html 25 Most Productive Countries Per Capita], Yahoo Finance</ref>
Investopedia indicates: "[[Education]] tends to raise productivity and creativity, as well as stimulate entrepreneurship and technological breakthroughs. All of these factors lead to greater output and economic growth."<ref>[https://www.investopedia.com/articles/economics/09/education-training-advantages.asp#:~:text=Education%20tends%20to%20raise%20productivity,greater%20output%20and%20economic%20growth. How Education and Training Affect the Economy]</ref>
== Diversified economies, resilience and stability ==
== Diversified economies, resilience and stability ==