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Line 81: − + − + + − For resource-rich, developing economies, the immediate imperative is to diversify export-oriented sectors, but for the benefit of long-term sustainability, they must also look − at the larger picture. A strong institutional and regulatory framework and workforce development initiatives are indispensable to the diversification effort; and proper management of human capital is key, especially in those countries experiencing a “demographic dividend.” Implementing such comprehensive diversification and risk management strategies won’t be easy, but the result—a − diverse, stable, and growing economy—is worth the effort.<ref>[https://www.strategyand.pwc.com/m1/en/reports/strategyand-resilient-stable-sustainable-benefits-economic-diversification.pdf ''Resilient, stable, sustainable: The benefits of economic diversification''], Booz & Company, 2011</ref>}} Line 99:
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→Guns and butter economic concept
* Economic prediction: How can we use economic information from today to predict future results? Which [[econometrics]] are leading indicators?
* Economic prediction: How can we use economic information from today to predict future results? Which [[econometrics]] are leading indicators?
* [[Labor productivity]]. According the U.S. Labor Bureau of Statistics, labor productivity is a measure of economic performance that compares the amount of output with the amount of labor used to produce that output."<ref>[https://www.bls.gov/k12/productivity-101/content/what-is-productivity/what-is-labor-productivity.htm Productivity 101], U.S. Labor Bureau of Statistics</ref>
* [[Labor productivity]]. According the U.S. Labor Bureau of Statistics, labor productivity is a measure of economic performance that compares the amount of output with the amount of labor used to produce that output."<ref>[https://www.bls.gov/k12/productivity-101/content/what-is-productivity/what-is-labor-productivity.htm Productivity 101], U.S. Labor Bureau of Statistics</ref>
=== Healthy economic growth (Goldilocks economy) ===
''See also:'' [[Goldilocks economy]]
According to Forbes magazine: "A [[Goldilocks economy]] is an economy that is experiencing “just right” levels of growth. It’s not too hot to suffer runaway [[inflation]], but not so cold that unemployment spikes... Goldilocks economies are believed to have [[Gross domestic product|GDP]] growth around 2-3% annually.<ref>[https://www.forbes.com/sites/qai/2022/09/09/not-too-hot-not-too-cold-are-we-in-a-goldilocks-economy/?sh=73a6e4af5fae Not Too Hot, Not Too Cold: Are We In A Goldilocks Economy?], Forbes, 2022</ref>
== Disciplines within economics ==
== Disciplines within economics ==
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>
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>
The Organisation for Economic Co-operation and Development states concerning labor productivity: "Labour productivity is a key precondition for high growth of output, employment and wages and central to long-term growth in living standards."<ref>[How does Russia compare?], Organisation for Economic Co-operation and Development</ref>
The Organisation for Economic Co-operation and Development states concerning labor productivity: "Labour productivity is a key precondition for high growth of output, employment and wages and central to long-term growth in [[living standards]]."<ref>[How does Russia compare?], Organisation for Economic Co-operation and Development</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>
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>
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>
== Demographics and an economy ==
''See also:'' [[Demography]]
[[Demography]] is the study of human populations, and is a major specialty in the disciplines of sociology, economics, history, geography, statistics and epidemiology. Demography studies such factors as population size and distribution over time and space, using rates of birth, death, marriage and fertility, as well as emigration and immigration.
According to Investopedia:
{{Cquote|Demographics—statistical data related to a population—play a key role in rates of economic growth. That's because the makeup of any population can influence the supply of labor and productivity—known as the demographic dividend.
Labor force participation, birth rates, the different ages of those in the workforce, and their skills and education can have an impact on a nation's economic prosperity.<ref>[https://www.investopedia.com/articles/investing/012315/how-demographics-drive-economy.asp How Demographics Drive the Economy], Investopedia, 2023</ref>}}
For more information, please see:
*[https://www.investopedia.com/articles/investing/012315/how-demographics-drive-economy.asp How Demographics Drive the Economy], Investopedia, 2023
*[[Size of a working age population in a country and its correlation with national GNP in advanced economies]]
== Diversified economies, resilience and stability ==
== Diversified economies, resilience and stability ==
Below is the executive summary of their report entitled ''Resilient, stable, sustainable: The benefits of economic diversification''
Below is the executive summary of their report entitled ''Resilient, stable, sustainable: The benefits of economic diversification''
{{Cquote|The effects of the recent global economic crisis were allpervasive, and demonstrated that no economy is safe from destabilizing external events. Resource-dependent countries, with their narrow base of economic activity, are particularly vulnerable, but all countries may have vulnerabilities stemming from a lack of diversification in one or more economic dimensions, and they must be more vigilant in managing risks to their economies. Not only must a country’s gross domestic product (GDP) be balanced among sectors, but key elements of its economy must be varied, flexible, and readily applicable to a variety of economic opportunities, and areas of overconcentration must continually be identified and mitigated. Policymakers should work to achieve greater economic diversification, in order to reduce the impact of
{{Cquote|The effects of the recent global economic crisis were allpervasive, and demonstrated that no economy is safe from destabilizing external events. Resource-dependent countries, with their narrow base of economic activity, are particularly vulnerable, but all countries may have vulnerabilities stemming from a lack of diversification in one or more economic dimensions, and they must be more vigilant in managing risks to their economies. Not only must a country’s gross domestic product (GDP) be balanced among sectors, but key elements of its economy must be varied, flexible, and readily applicable to a variety of economic opportunities, and areas of overconcentration must continually be identified and mitigated. Policymakers should work to achieve greater economic diversification, in order to reduce the impact of external events and foster more robust, resilient growth over the long term.
external events and foster more robust, resilient growth over the long term.
For resource-rich, developing economies, the immediate imperative is to diversify export-oriented sectors, but for the benefit of long-term sustainability, they must also look at the larger picture. A strong institutional and regulatory framework and workforce development initiatives are indispensable to the diversification effort; and proper management of human capital is key, especially in those countries experiencing a “demographic dividend.” Implementing such comprehensive diversification and risk management strategies won’t be easy, but the result—a diverse, stable, and growing economy—is worth the effort.<ref>[https://www.strategyand.pwc.com/m1/en/reports/strategyand-resilient-stable-sustainable-benefits-economic-diversification.pdf ''Resilient, stable, sustainable: The benefits of economic diversification''], Booz & Company, 2011</ref>}}
== Economic forecasting and economic recessions/depressions ==
== Economic forecasting and economic recessions/depressions ==
*[http://www.investopedia.com/articles/optioninvestor/03/091003.asp Determining market direction with VIX]
*[http://www.investopedia.com/articles/optioninvestor/03/091003.asp Determining market direction with VIX]
== Developing countries, middle-income countries, high-income countries and the middle-income trap as measured in [[Petrodollar]]s ==
== Developing countries, middle-income countries, high-income countries as measured in [[Petrodollar]]s and the middle-income trap ==
The website World Population review indicated in 2024:
The website World Population review indicated in 2024: