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This paper argues that urban-regional income development depends on a larger fabric of economic relations at the national and international levels. Focusing on Core-Based Statistical Areas (CBSAs) in the US, the paper identifies firms' subsidiary networks across space and their changes over time. These networks form a basic architecture through which important growth impulses in production and innovation are transmitted that impact urban income levels. Using a balanced panel of U.S. CBSAs with LexisNexis Corporate Affiliations data from 1993 until 2017, we develop a model that examines the relationship between national and international connectivity and urban income levels, differentiated by origin/destination of ties, industrial sectors, and various interaction effects. Our results strongly support that linkages at both the national and international scale (particularly linkages with European locations) are significantly related to urban-regional income development. [ABSTRACT FROM AUTHOR]

The COVID-19 pandemic is an unprecedented event that has shocked economies worldwide, propelling large-scale adaptation of expansionary policies. This paper examines how, specifically in the scope of developed countries, key economic indicators such as tax revenue and burden, labor force participation rate, and federal budget have been impacted by the pandemic. The specific nations examined in the paper include the United States of America (USA), Japan, Germany, France, and the United Kingdom (UK). The article reveals that tax revenue had fallen at a rate similar to the GDP, and a redistribution of the tax burden has also occurred to some extent. Simultaneously, a fall in the labor force participation rate and increased government deficit were observed. This observation is primarily consistent across all five countries sampled. [ABSTRACT FROM AUTHOR]

Throughout the nineteenth century, federal Indian policy oscillated between two extreme positions: assimilation versus isolation. While scholars have often been interested in the impact of past federal policy on current levels of economic development among American Indian tribes, none have explicitly examined the influence of federal assimilation policy on long-run economic development. In this paper, I take advantage of tribal-level variation in the application of federal policies to estimate the effect of assimilation on long-run economic performance. To quantify the impact of such policies, I introduce a novel measure of cultural assimilation: the prevalence of traditional indigenous names relative to common American first names. To calculate the distribution of name types, I have gathered the names and locations for all American Indians enumerated in the 1900 United States census. After classifying each name, I calculated the reservation-specific share of non-indigenous names. I estimate the relationship between cultural assimilation in 1900 and per capita income from 1970 through 2020. I find that historical levels of assimilation are consistently associated with higher levels of per capita income in all census years. The results are robust to the inclusion of a variety of cultural and institutional controls and regional fixed effects. [ABSTRACT FROM AUTHOR]

Copyright of Journal of Emerging Economies & Policy is the property of JOEEP: Journal of Emerging Economies & Policy and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The African Growth Opportunity Act (AGOA) has been a crucial trade and development initiative, offering preferential access to qualified Sub-Saharan African (SSA) countries to the United States market since its enactment in 2000. This paper presents a comprehensive review of scholarly articles and policy reports that analyze the impact of AGOA on the economic performance of SSA countries. Employing various econometric methods and data analysis techniques, researchers have investigated the effects of AGOA on trade flows, foreign direct investment (FDI) inflows, employment, economic growth, and poverty levels. The findings reveal that AGOA has positively affected the region's trade, particularly in apparel, textiles, and agriculture. However, its influence on promoting export diversification and attracting FDI is nuanced, with substantial heterogeneity among the beneficiary countries and industries within each country. While some SSA countries have experienced substantial export growth and FDI inflows, others have not fully leveraged the benefits of AGOA due to absorptive capacity constraints and governance challenges. AGOA's effectiveness in promoting broad-based employment, GDP growth, and poverty reduction remains an active area of inquiry, necessitating further research to understand the policy's sustained impact and inform future trade policy designs for SSA countries. [ABSTRACT FROM AUTHOR]

The aim of this paper is to identify the influence of the British population and other nations on the formation of the American English language. Dissatisfaction with the church, living conditions in England led to the search for another, more ideal place to live. Coming to the territories of America, the British did not have the perfect British pronunciation, as a result of which dialects prevailed in this territory. In America, preserving the canonical Old English language, American English under the influence of life circumstances, the growing number of emigrants from different countries, and climatic conditions began to gradually change. After the declaration of independence in the USA, the new words were very different from British English. Regionalization influenced the formation of idioms (fixed expressions) that received a regional tone. Phrases that from the point of view of British English are unacceptable and are a complete violation of English grammar are easily used in the USA and are considered acceptable. The declaration of independence of the United States, obtaining political freedom by citizens gave the opportunity to freely use sounds, words, and expressions. However, in general, the American continent is making its own changes in the development of the English language, which are not perceived by the British. The close economic connection between the countries has prevented radical changes in the American English language and promotes intercultural exchange between the countries. [ABSTRACT FROM AUTHOR]

Copyright of Knowledge: International Journal is the property of Institute for Knowledge Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Estimating the contribution of enslaved workers to output and growth in the United States during the first half of the nineteenth century is a crucial building block to better understand the contours of nineteenth‐century US economic history, and more generally, the connection between slavery and capitalism. Existing estimates only present a partial picture and are potentially problematic. In this paper, we use data on enslaved person valuations to calculate the contribution made by enslaved workers to regional and national gross national product (GNP) in 1839 and 1859 and to the growth in per capita output in the 20 years before the Civil War. We find that in the United States, enslaved workers were responsible for somewhere between 12.49 per cent and 18.0 per cent of the increase in output per capita between 1839 and 1859. [ABSTRACT FROM AUTHOR]

Intermediaries are specialised organisations that perform bridging and integrative functions to achieve improved results of social policies. Intermediaries have been most effective in the United States (US) when aligned with education and workforce system improvements and redesign, not as parallel and separate efforts. Intermediaries operate in many US social policy domains, including workforce and education, where they contribute to overcoming fragmented institutions and solving mismatch problems that interfere with hiring, career pathways and educational achievements. Intermediary solutions are especially important for creating better outcomes for low-income students and workers and improving overall racial and ethnic equity. Five mismatches especially prevalent in the US labour market require intermediary solutions: organising business to improve human resources, creating improved pathways from school to work, integrating and focussing multiple education investments, linking workforce and economic development, and improving access and use of data for design, performance management and advocacy. This paper discusses these mismatches and related intermediary solutions in more depth, offers examples of specific intermediaries in action and identifies intermediary challenges and opportunities faced by intermediaries to function better. The paper also points out that, more broadly, intermediaries are only a part of the solution to labour market and education inequalities and that broader changes in the political economy and policies are required to effect wage growth and labour market participation. [ABSTRACT FROM AUTHOR]

The withdrawal of US troops from Afghanistan is a direct consequence of structural changes in the polarity of the international system. Following the end of the Cold War, the US emerged as the dominant country in the system, making it relatively easy to pursue a foreign policy based on liberal principles, where state-building and social engineering were among the main principles. While some scholars consider the US withdrawal from Afghanistan a strategic failure of its foreign policy, this paper argues that such action was necessary due to fundamental changes in the constellation of forces in the international system. The main reason for this withdrawal is the economic growth of China and its power projection in Asia and other regions of the world. Therefore, similar US actions can be anticipated in the future. This paper adopts a structural realist approach as its primary theoretical framework and Afghanistan is used as the case study. [ABSTRACT FROM AUTHOR]

For urban policymaking, inequality in large U.S. metropolitan areas appears as a principal consequence of a trichotomy of motives over resources allocation, consisting of urban economic development, ecological sustainability and socioeconomic equity. In the case of global cities, a greater inequality appears to result, in part, from the propensity for urban economic-development motives to pursue and/or maintain worldwide centrality, connectivity and command over the dynamic forces of globalization. Such global-city development priorities are reflected in the endogenous urban content and institutional makeup distinguishing "global-city status," a characterization attributable to only a handful of places in the U.S. As a cross-sectional comparison of 53 large metropolitan areas (MSA), this paper examines the hypothesis that MSAs having a higher index value for "global-city status" exhibit comparatively greater socioeconomic inequality than MSAs with a lower index value. It produces statistical evidence supporting this thesis, with wide-ranging implications for globalization's imprint on metropolitan areas. [ABSTRACT FROM AUTHOR]

As the twenty-first century advances, society is entering a new phase regarding climate change. Impacts of climate change are becoming more salient in the present, rather than being only far-off in the future. Progress on flattening-and in many affluent countries, reducing-greenhouse gas emissions is also becoming salient, though the progress underperforms international targets. Slowing economic growth and major technological and geopolitical disruptions are creating new challenges and uncertainties. One of these challenges is a political climate of deep divisions and rising distrust in fact-finding institutions-a climate that is ripe for demagoguery. In the United States and some other countries, the issue of climate change has become divisive and has been wielded rhetorically by demagogic political figures and movements on both extremes of the political spectrum. This Article outlines five important considerations for climate policy in this new phase of the twenty-first century, focusing on both the global and the U.S. contexts. (1) Mid-range emissions and warming scenarios are most plausible. In contrast, the science and public discourse of climate change has often focused on extremes. Focusing instead on plausible scenarios offers opportunities to consider important nuances and tradeoffs, and to de-polarize the discourse. (2) Economic growth and income convergence will continue but will probably be slower than previously expected. Continuing economic growth and income convergence would portend continuing improvements throughout the century, in many-if not most-measures of human wellbeing broadly across the world. However, growth and convergence underperforming expectations could create challenges for climate finance, climate politics, and adaptation to climate change impacts. (3) Major investments are needed in mitigation, adaptation, and carbon removal. The public discourse of climate change has often been hyper-focused on reducing greenhouse-gas emissions (i.e., mitigation). Mitigation is important and requires major investments, but realistic paths to carbon neutrality and minimizing climate risks to society also require major investments in adaptation and carbon removal. (4) The United States needs a bipartisan approach. Becoming carbon neutral will require changes to every aspect of society, implemented and sustained over decades, and supported by all levels of government. There is simply no realistic path to achieving such changes without cooperation of both parties. Recent research suggests there are opportunities for bipartisanship and common ground. (5) Catastrophism and utopianism carry underappreciated risks. The risks of complacency and inaction on climate change are becoming better understood, but policymakers and the public should also understand the risks to utopianism and catastrophism, which are responsible for some of history's worst atrocities. As climate consciousness increases and political divisions harden, the risks of climate catastrophism and utopianism could increase. [ABSTRACT FROM AUTHOR]

This paper argues that the neoliberal consensus about education finance has broken down due to growing economic inequality. First, I use a comparative historical analysis of political alliances to examine patterns of world trade and nations' policies for economic and educational development since World War II. The United States emphasized STEM-collegiate preparation for all students, while most countries continued the dual emphasis on technical-tertiary and higher education. Educational policy in the US and Pacific region also shifted towards a reliance on markets and student loans resulting in worsening economic inequality in access. Nations with dual technical and academic pathways in secondary and postsecondary education systems expand college enrollment rates more rapidly than the US. They also experience class conflict between the working–middle class and the new technological elite. Next, I examine how education policy shifted from national planning aligned with public funding to market-based incentives for institutional development, further exposing gaps in opportunity within nations. Finally, recognizing the variations in systemic causes of inequality, I argue that governments, education agencies, and civic activists can best promote equity by organizing to address barriers to opportunity for groups left behind in the wake of withering neoliberal education policy. [ABSTRACT FROM AUTHOR]

This paper makes use of interdependence theory to analyse the historical development of the economic relations between the GCC countries and the United States. The focus will be on oil and arms trade between the GCC countries and the United States. The results show that while the military and security dependence of the GCC countries on the United States remains relatively intact, the dependence of the United States on the natural resources of the GCC region has decreased. In light of this, the paper suggests that the historical interdependence between the GCC countries and the United States has recently evolved into a unilateral dependence and that the GCC countries' natural resources are directed towards Asian countries. [ABSTRACT FROM AUTHOR]

While the concept of rurality has been debated in academic and professional literature for decades, less research has been done on a practical typology that can guide localized economic development strategies. This paper adds to the growing body of literature in search of a more nuanced definition of rural by applying unsupervised machine learning (ML) to the abundance of existing county-level data in the United States. The authors illustrate how this method can lead to a new county typology, named after economic development strategies, that accounts for idiosyncrasies in resources, opportunities, and challenges. This research serves as a practical step toward tractable, heterogeneous classifications that can inform the work of federal, state, and local policy makers, economic development practitioners, and many others. [ABSTRACT FROM AUTHOR]

Governments around the world are increasingly shifting economic development expenditures to the support of early-stage businesses. In the United States, state governments have also expanded their development agencies' mandates from primarily serving as tourism-support operations to now working as engines of small business development. This Article challenges the conventional wisdom driving the creation of state venture capital programs and argues that the structure of state venture capital is deeply flawed. Rather than remedy inequities between states and within states--for instance, in the urban/rural divide that is a feature of most states' political economies--state venture capital is more likely to perpetuate and even exacerbate inequality. Furthermore, it introduces the potential for waste and corruption that jeopardize governmental legitimacy. From a legal perspective, state venture capital makes use of existing private financing and its accompanying legal infrastructure to channel financing and fill funding gaps, particularly for marginalized entrepreneurs. However, by co-opting private entity forms, it often impairs the administrative mechanisms designed to safeguard public funds. State venture capital also faces daunting market headwinds that make it difficult for venture financing to thrive outside of Silicon Valley and a few other venture capital hubs. Despite these challenges, state venture capital can be structured to give it better odds of success. This Article proposes reforms that can help governments create economic environments in which entrepreneurship is more likely to thrive, governance mechanisms that can foster accountability, and investment selection and contract design features that make it more likely that state venture capital programs will succeed. [ABSTRACT FROM AUTHOR]

This paper analyses how the United States-Mexico-Canada Agreement (USMCA) supports digital trade and cross-border data flows, while also giving governments the scope to restrict data flows to achieve legitimate regulatory objectives. The USMCA has made significant progress developing rules for digital trade, yet more is needed. In particular, trade policy needs to address the drivers behind the significant growth in restrictions on digital trade by supporting the development of international standards and encouraging international regulatory cooperation as well as good regulatory practice. This paper outlines the key USMCA rules that are applicable to digital trade and analyses what more is needed to support digital trade and data flows consistent with domestic regulatory objectives. [ABSTRACT FROM AUTHOR]

The U.S. electricity sector has undergone a series of technological and political economic transformations between 1995 and 2020. Some, but not all, states have moved toward the provision of electricity through wholesale electricity markets, while others have remained traditionally regulated. In addition, electricity is increasingly generated from natural gas and renewable energy, and while total electricity consumption is stagnant in the United States, electric utility revenues have continued to grow. In combination with a growing emphasis on increasing shareholder value, the result of these changes has been the entry of a range of new electricity industry, finance, and regulatory actors, as well as a shift in the ways in which existing actors are seeking to realize surplus value. In light of these changes, in this paper, I outline the contemporary contours and contradictions of the U.S. electricity industry and detail five accumulation strategies being used in the industry. Building on scholarship in energy geography and geographies of finance, and based on the analysis of industry documents and financial analyst reports, I detail how the U.S. electricity has been reshaped by the introduction of new types of technologies, financial risk and investment opportunities, and changing modes of regulation. The resulting accumulation strategies are contested, partial, and incomplete, and are therefore a messy set of overlapping and at times contradictory strategies being deployed in an industry in flux. [ABSTRACT FROM AUTHOR]

Regional economies are characterized by networks of interactions between individual elements and are thus quintessential complex systems. Analyzing the relatedness of various aspects of regional economies, such as exports, industries, occupations, and technologies, using methods from complexity science is becoming commonplace. However, current work has focused nearly exclusively on regional economic complexity of more urbanized regions within countries, if not entire countries themselves. Smaller urban areas are typically over-looked and rural regions are almost entirely absent from the dialog. This paper seeks to fill this gap by examining smaller urban areas and rural regions from a complexity economics perspective. Analyzing cross-sectional data provides initial insights into the transformation of regional economic connectedness from rural to urban regions. Using a previously developed metric of economic connectivity based the on co-occurrence of economic activities, called tightness, we examine the skills space and industry space of metropolitan, micropolitan, and rural regions in the United States. We find that the least and the most urbanized regions have the highest tightness, and that this is partially due to the share of specialty skills in a "socio-cognitive" lobe of skills space. However, we also find that the composition of skills in the least and most urbanized regions differs markedly. Findings suggest that planners seeking to increase the share of socio-cognitive skills in the local workforce may be constrained by population size, and that regions of moderate population size may be required to first grow industries that require less cognitive skills. Science Highlights • Regional economic tightness and regional economic output are positively correlated, even when controlling for regional population. • Skills tightness is greatest in the least populous and most populous regions while industry tightness is greatest in the most populous regions. • Higher skills tightness is driven partially by the share of socio-cognitive skills in the regional workforce. • The most rural and most urban counties have the highest share of specialty skills in the socio-cognitive lobe of skills space. Policy and Practice Recommendations • Both skills and industrial tightness should be fostered to increase regional per capita output. • Growing jobs that utilize socio-cognitive skills may increase skills tightness and thus regional productivity. • Moderately-urbanized areas typically have a lower share of workers with socio-cognitive skills, and may experience more difficulty growing knowledge-intensive industries. [ABSTRACT FROM AUTHOR]

An introduction is presented in which the editor discusses articles in the issue on topics including impact of investment in human capital on economic growth; human capital in U.S.; and income inequality.

Copyright of European Mirror / Európai Tükör is the property of National University of Public Service and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Within the scope of this paper is to investigate the dynamic correlation and the volatility of 10-year sovereign bond yields in the G7 countries from January 4, 2010 to December 30, 2022. The following analyses were performed by dividing the said period into two sub-periods taking August 2, 2019 as a breaking point. Conclusions were made based on built VAR models. Conducted research indicates the USA as having the most significant influence on the rest of countries. European countries are perceived as more vulnerable to the external impact in shaping their bond yields. There are noticeable changes taking place in Italy between analyzed two periods - quotes become more dependent on other countries over time. [ABSTRACT FROM AUTHOR]

Corruption is a worldwide phenomenon; corruption has adverse effect in both rich and poor countries. Corruption is very costly to the quality of life in developing countries and increases the cost of business operation in the advance countries. Many rich and powerful multinational corporations in addition to the transfer of technology and skilled management also export illegal corrupt practices that are highly prohibited in their home countries, to developing countries. in a study done by Prof. H.D Vinod of Fordham University in New York City. He was able to determine that corruption leads to slower economic growth through reduced savings, reduced investments and wasted resources. [ABSTRACT FROM AUTHOR]

Summary: This paper describes a weekly economic index (WEI) developed to track the rapid economic developments associated with the onset of and policy response to the novel coronavirus in the United States. The WEI is a weekly composite index of real economic activity, with eight of 10 series available the Thursday after the end of the reference week. In addition to being a weekly real activity index, the WEI has strong predictive power for output measures and provided an accurate nowcast of current‐quarter GDP growth in the first half of 2020, with weaker performance in the second half. We document how the WEI responded to key events and data releases during the first 10 months of the pandemic. [ABSTRACT FROM AUTHOR]

Governments have a history of intervention in the market to aid small, minority, and women-owned businesses. This research explores women-owned business development programs across the United States. The paper begins with a discussion of programs to serve women-owned businesses, noting barriers that exist for women business owners to access markets and capital. Analysis considers program offerings and how they are communicated to the public and client businesses via government websites. Policy approaches may reinforce patterns of suppression, rather than opening maximum opportunities for women business owners. [ABSTRACT FROM AUTHOR]

Arts-based community development practices have received newfound prominence over the past decade under the auspices of "creative placemaking." In 2010, the National Endowment for the Arts (NEA) published a white paper titled "Creative Placemaking" and launched a new granting program focused on this practice called Our Town. Today, creative placemaking is burgeoning yet its precise definition remains fuzzy. This article uses content analysis to systematically analyze the 569 Our Town grants awarded by the NEA since the program's inception to inductively define creative placemaking based on the values embedded into project proposals, comparing these values with the NEA's stated Our Town goals. I find that creative placemaking, at least as funded in the U.S. through Our Town, can be defined as public or community-based art that includes values of place-specificity, collaboration, and participation, and which results in three forms of community development outcomes: economic development, bolstering social capital and participation, and improved cultural infrastructure. As creative placemaking evolves, equity is increasingly a concern, shifting focus toward the latter two outcomes as more measurable and desirable. [ABSTRACT FROM AUTHOR]

Gender-based institutions influence resource allocation within the household and when other measures for economic welfare are scarce or unreliable, the use of biological measures are now standard in economics. This study uses late nineteenth and early twentieth century BMI, statures, and weight to assess how net nutrition accumulated to women and men during U.S. economic development. Throughout the late nineteenth and early twentieth centuries, female and male BMIs, statures, and weight remained constant over time. Unskilled laborers' BMIs were higher, their statures were taller, and their weights heavier than workers in other occupations. Women and men from the Northeast and Middle Atlantic had higher BMIs and shorter statures, while their counterparts from the South were taller and had lower BMIs, indicating that it was superior Southern cumulative net nutrition associated with lower BMIs [ABSTRACT FROM AUTHOR]

The focus of this article is on categories of non-state actors: private and public-private companies in Europe and the US, NGOs, and the academic community. In the context of the Covid-19 pandemic, there has been a revival of importance of non-state actors. This article assesses the growing influence of European and American non-state actors on the integration of the transatlantic market, against the backdrop of changes in the international context. Particular attention is paid to the case of Romania since, in terms of integration, it is located at a key position in relation to the geostrategic interests of both the European Union and the United States. The article is based on an opinion survey of the Romanian population as well as interviews with professionals belonging to Romanian and American non-governmental organizations, employees of Romanian companies collaborating with American corporations, and Romanian scholars having studied at American universities. The article concludes that, in a system marked by global interdependencies, non-state actors are influencing the policy-making processes at both national and international levels, with the business sector being the most influential non-state actor. [ABSTRACT FROM AUTHOR]

This paper presents two competing views on China's growth experience over the past three decades. For the sake of illustrative ease and brevity I label these two opposing views as the Beijing Consensus and the Washington Consensus. The Beijing Consensus interprets China's economic growth as a function of innovations in the state sector, including close financial controls, state ownership of firms, and political controls in favor of economic growth. The Washington Consensus views China's experience much the same as growth experiences elsewhere•that is, as a result of financial liberalization, private entrepreneurship, and political opening. Contrary to the established views among China scholars, this paper argues that the Washington Consensus view fits with the Chinese growth experience better. [ABSTRACT FROM PUBLISHER]

This paper estimates the medium‐ to long‐run effects of slavery in the United States in a spatial regression discontinuity design. Using the boundary between free and slave states immediately antebellum, we find that legal slavery decreased per capita manufacturing output by as much as 30% in the decades following the Civil War. Perhaps surprisingly, agricultural output and farm values were only briefly depressed in former slave states after the war. Although emancipation ended slavery, political forces kept the institution from being completely disintegrated, and we explore channels through which this was possible. We show that slavery affected the structure of the economy in a given region—specifically through agricultural production decisions—and that these structures persisted long after passage of the 13th Amendment. However, sharecropping played a relatively small role in this region. Our results support mounting evidence in recent literature of the significant and lasting effects of institutions on economic development. [ABSTRACT FROM AUTHOR]

Previous studies have examined the local adoption of various development strategies primarily by surveying economic development practitioners, although the survey method suffers from subjectivity and recollection errors. To overcome these problems, I adopt a text mining method to canvass the comprehensive economic development strategies (CEDSs) across economic development districts (EDDs) in the United States. Twenty-eight main development strategies are identified, most of which belong to the "second wave," while the "fourth-wave" strategies—oriented toward social equity and sustainability—are popular enough to justify separation from the "third wave." Moreover, EDDs combine various waves of strategies to form their strategy portfolios. Two main types of portfolios have been identified—one is dominated by the second-wave strategies, while the other is more balanced across four waves and places a focus on both second- and fourth-wave strategies. [ABSTRACT FROM AUTHOR]

As science becomes increasingly cross‐disciplinary and scientific models become increasingly cross‐coupled, standardized practices of model evaluation are more important than ever. For normally distributed data, mean squared error (MSE) is ideal as an objective measure of model performance, but it gives little insight into what aspects of model performance are "good" or "bad." This apparent weakness has led to a myriad of specialized error metrics, which are sometimes aggregated to form a composite score. Such scores are inherently subjective, however, and while their components may be interpretable, the composite itself is not. We contend that, a better approach to model benchmarking and interpretation is to decompose MSE into interpretable components. To demonstrate the versatility of this approach, we outline some fundamental types of decomposition and apply them to predictions at 1,021 streamgages across the conterminous United States from three streamflow models. Through this demonstration, we hope to show that each component in a decomposition represents a distinct concept, like "season" or "variability," and that simple decompositions can be combined to represent more complex concepts, like "seasonal variability," creating an expressive language through which to interrogate models and data. Plain Language Summary: Models are essential scientific tools for explaining and predicting phenomena ranging from weather and climate, to health outcomes, to economic development, to the origins of the universe, and testing competing models is one of the most basic scientific activites. Yet, how scientists evaluate and justify their models can be inconsistent or even arbitrary. Traditionally, one performance metric—such as mean squared error—is used to identify the best model, but one metric provides little insight into what aspects of a model are "good" or "bad." This paper proposes a basic language for expressing different aspects of a model's performance. On one hand, this is useful for determining which aspects of model may require revision, but it also allows the modeler to separate out the best elements among several models and combine them to form an ensemble, analogous to how an audio engineer mixes together multiple tracks to form the best rendition of a musical piece. Key Points: Mean squared error (MSE) is an objective but somewhat enigmatic measure of model performanceMSE can be decomposed into components that quantify specific aspects of model performance, such as bias and varianceMixing components among models yields a form of ensemble prediction [ABSTRACT FROM AUTHOR]

Copyright of New Economist / Novi Ekonomist is the property of University of East Sarajevo and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article discusses role of the U.S. Department of Labor (DOL) to meet job challenges faced by workers in the U.S. It mentions first jobs challenge for stronger macroeconomic performance with more rapid economic growth and employment expansion to alleviate the high cyclical unemployment; and efforts to address longer term secular trends of rising labor market inequality, growing educational wage gaps and labor market polarization. It also mentions challenges regarding training and employment programs.

The desirability of politically creating currency unions among otherwise sovereign states is an ongoing debate. The benefits of the U.S. currency union and the benefits of other politically manufactured currency unions are assumed to be obvious, namely a reduction in monetary instability and exchange rate transaction costs within the union thereby stimulating long-run economic growth. Price indices, exchange rates and market-generated transaction data from 1748 through 1811 are used to determine when the market moved from state currencies to the U.S. dollar and to assess the non-wartime performance of prices, exchange rates, and purchasing power parity before versus this transition. The British North American colonies were the first modern western economies to experiment with large-scale government issuance of flat paper money. Colonial legislatures backed their paper money by linking it not to specie but to future taxes and mortgage payments designed to withdraw it from circulation in a timely fashion. The only continuous data for evaluating colonial/state monetary performance are price indices. Stability of prices is the hallmark of a well-managed monetary regime. New issues of state currency were constitutionally prohibited after 1787 and enough old state currency would be taken out of circulation through tax redemption by the early 1790s that the paper-money medium fell to banknotes by default.

Copyright of Review of Policy Research is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article challenges the prevailing theory that U.S. antitrust institutions have been exclusively captured by big business. It argues against a simplistic narrative by highlighting historical periods when antitrust policies were both favorable and unfavorable to big business. It introduces an alternative perspective, suggesting a "political settlement" among interest groups that shapes antitrust policy toward inclusive economic growth.

Many governments, businesses, and institutions are committing to net zero greenhouse gas emissions by 2050, a goal and process known as deep decarbonization. Achieving this goal in the United States requires a national, economy-wide transformation in energy production and use in five sectors: electricity, transportation, industry, land-based carbon sinks, and buildings. All of these sectors interact with planning for the built environment and land use, so planning scholars and practitioners have many opportunities to engage policymakers working on national-level decarbonization strategies. This article analyzes the consequences of deep decarbonization for the future speed, scale, scope, role, and relevance of planning. [ABSTRACT FROM AUTHOR]

Economists have developed a vast empirical literature on how cultural traits like generalized trust affect economic output. Much of this literature finds a positive causal relationship between measures of generalized trust, as gathered by international surveys, and economic output. However, the trust literature commits five deadly empirical and theoretical sins that undermine many of its findings. From the quality of the survey questions and responses to the paucity of theoretical models used to explain how trust affects economic outcomes to the radically different results from experimental evidence and others, the trust literature is riven with poor methods and bad data. Even so, applying common methods used in the trust literature to regional level analysis in the United States during the 1972–2018 period reveals no statistically significant correlation between economic output and trust. Given our lack of findings at the subnational level, we find further evidence to be skeptical of the trust literature. [ABSTRACT FROM AUTHOR]

The ISO 9001 standard is considered as an effective tool to support a quality management system (QMS). A steady growth in the number of ISO 9001 issued certificates is observed worldwide, confirming the interest of companies in this approach. However, information regarding this behaviour over time in the American Continent is scarce. This paper presents a set of qualitative and quantitative analyses related to the ISO 9001 certification (globally and at the country level of the Americas), the use of this standard in countries that were part of the ISO Survey 2011 and modelling the ISO 9001 certification for American countries, in order to characterise through mathematical models, the evolution of the certification process and to identify factors that influence the ISO 9001 issued certificates in the various countries analysed. Based on the work developed, a positive relationship was found between the number of issued certificates in each country per 1000 inhabitants and the indicators of economic development (Gross National Income Per Capita). It is determined that the total reserves of a country is an economic variable that directly affects the number of issued certificates, a finding not observed in other forecasting models. [ABSTRACT FROM PUBLISHER]

A stochastic framework for coordination of macroeconomic policies is introduced in this paper. It is suggested that: (i) measures of policy accountability should allow for the climate of uncertainty that surrounds policy decisions, and (ii) most models of aggregate economic activity impose arbitrary specifications of uncertainty that do not appear to be empirically justifiable. Ambiguities in interpreting the Humphrey-Hawkins reports of policy authorities are sketched in section II; a proposal for maximizing the ex ante prospects of policy objectives is illustrated in section III; finally, nonstationary allocations of uncertainty are discussed in sections IV and V. This paper provides a brief survey of ongoing work by members of the Federal Reserve Board staff on the role of uncertainty in policy forecasts. It suggests that policy discussion could be improved by more explicit consideration of the allocation of uncertainty. [ABSTRACT FROM AUTHOR]

The article comments on a paper published within the issue, "Capital Formation and the Recent Productivity Slowdown," by Peter Clark. The author also discusses results from his own research in "Accounting for United States Economic Growth, 1929-1969," and applies it to Clark's paper. It is suggested that an abrupt rise in energy prices may have affected growth rates during the mid-1970s. The author also looks at a similar analysis made by John Kendrick, who focuses on the U.S. postwar period of 1948-1966.

This special issue of the California Management Review contains a selection of the best papers presented at the Ninth Annual Meeting of the Strategic Management Society, which was held in San Francisco in on October 11-14, 1989. Guest editors Robert Harris and David Mowery provide an overview of the topic of "Strategies for Innovation" (the theme of the conference) and discuss its critical importance to management practice. They provide an introduction to the articles in this special issue and conclude with an exploration of other dimensions of strategy and innovation. [ABSTRACT FROM AUTHOR]

The author comments on Woody Holton's essay "Primitive Accumulation," published in this issue of the journal. According to the author, the essay explores the history of U.S. political economy and addresses questions concerning wealth, economic development and class relation. He says Holton was able to show that propertied white men were able to retain land ownership due to voting rights. He points out that the history of colonial paper-money emissions should have been included in Holton's analysis of paper money in 1780s. He also points out the impact of the Revolutionary War on U.S. political economy.

The author examines the state of the fiscal and welfare policy of public debt in the U.S. based on the evidence provided by economist Olivier Blanchard in his presidential address to the American Economic Association in 2019. Topics discussed include the welfare effects of increased debt against realistic increase in risks, views on Blanchard's calibrated approach toward positive welfare effects of increased debt, and the importance of government debt expansion in times of economic growth.

Natural resource dependence, although commonly invoked in natural resource sociology, has often been ambiguously defined. Communities are frequently described as dependent on natural resource development, but limited attention has been paid to what that means. In the literature, resource dependence is often treated as over‐specialization in, or over‐reliance upon, the natural resource sectors. However, the logic of over‐specialization conceptually grounds dependence in poor economic outcomes. Thus, a one‐dimensional typology of dependence based on a threshold of the share of development in the natural resource sector—as commonly used—does not fully capture the concept and risks tautology. In this paper, I address this ambiguity by formally defining natural resource dependence as over‐specialization in the natural resource sectors. I then present an ideal typology, known as the Natural Resource Community Typology, and a corresponding classification scheme for rural communities in the United States. The typology integrates both extractive and non‐extractive natural resource activity and has two dimensions—the level of development and the level of economic prosperity—and six mutually exclusive categories—extractive specialized, extractive dependent, non‐extractive specialized, non‐extractive dependent, hybrid specialized, and hybrid dependent. I classify counties from 2000 to 2015 and find that while extractive dependence decreased over the study period, non‐extractive dependence increased. [ABSTRACT FROM AUTHOR]

This paper examines if internal migrants at the turn of the twentieth century have influenced the long-term economic development of the counties where they settled over 100 years ago. Using Census microdata from 1880 and 1910, the distance travelled by American-born migrants between birthplace and county of residence is examined to assess its relevance for the economic development of US counties today. The settlement patterns of domestic migrants across the 48 continental states are then linked to current county-level development. Factors influencing both migration at the time and the level of development of the county today are controlled for. The results of the analysis underline the economic importance of internal migration. Counties that attracted American-born migrants more than 100 years ago are significantly richer today. Moreover, distance is crucial for the impact of internal migration on long-term economic development; the larger the distance travelled by domestic migrants, the greater the long-term economic impact on the receiving territories. [ABSTRACT FROM AUTHOR]