What makes regions prosper? What is the basis for business relocation decisions and what business climate attributes attract them? Are there optimal development strategies that help regions attain and maintain competitive positions – and can some development efforts be counterproductive? How important is the knowledge economy creating quality job opportunities? And, what role does individual initiative and individual rewards play in achieving economic prosperity? These are among the questions addressed in the Productivity and Prosperity Project: An Analysis of Regional Competitiveness.
The Productivity and Prosperity Project (P3) is an initiative led by existing faculty and research staff of the L. William Seidman Research Institute in the W. P. Carey School of Business at Arizona State University. Faculty research affiliates from throughout the W. P. Carey School and university will participate on a broad set of projects.
The work conducted as part of P3 will be based on economic and econometric analyses, summaries of existing empirical evidence, and surveys of relevant academic and business literature in related disciplines. The research results will be shared with the community through reports and other devices. Members of the research team will work to organize conferences and to be visible at national and international meetings on regional economics.
Enhancing productivity is the primary means of raising prosperity. In turn, gains in productivity are dependent on competitiveness. An overarching objective of P3 is to examine the notion of competitiveness from the perspective of an individual, a business, a region, and a country. The roles of individual initiative, business strategy, and economic development policies in maximizing productivity and ultimately prosperity will be examined. A particular focus will be the state of Arizona, with comparisons made to other states. Metropolitan areas and other subdivisions of Arizona also will be examined.
New Releases:
University Research and Local Economic Development, August 2006
Five Reasons to Skip College: A Reply, May 2006
Job Quality in All States, March 2006
Labor Markets
Employment is a key aspect of the labor market. Underlying the research on labor market performance is the understanding that quality job growth can be sustained only with the continuing infusion of productive capital and employment opportunities. Wages are another aspect of the labor market. Wages reflect several factors: job quality (industrial mix and occupational mix), worker productivity, local cost of living, local amenities, and labor supply and demand.
Research to Date
High-Wage Jobs, May 2006
Job Quality in All States, March 2006
Job Quality Nationally and in All States, June 2005
Job Quality in Arizona Compared to All States, June 2005
Jobs, Income and Growth in Arizona: Individual Versus Aggregate Measures of Economic Performance, March 2005
Job Quality in Arizona, March 2005
Related Articles
Hot Jobs: Southwest Leads in U.S. Employment Growth
High-Quality Job Availability Slipping Throughout U.S.
What Goes Around Comes Around: Jobless Recoveries Nothing New
A Little Chaos Can Be Good for Labor Markets
Related Links
Business Climate and Business Location Decisions
The term “business climate” largely is synonymous with “competitiveness.” Thus, this research effort will produce an overview of competitiveness and the role of public sector development strategy:
- The business climate attributes most important to attracting quality capital investments (business location decisions).
- Arizona’s tax and public expenditure systems and regulatory environment. The key is to maintain a tax structure that is business friendly with incentives for innovation and entrepreneurship and unfettered by undue regulation while generating revenue that can provide public infrastructure investments (transportation, communication, education, water and energy, etc.) that can nurture a 21st century business climate.
- The role of development strategy, particularly the public sector role, including an examination of the experiences in other states and countries.
Research to Date
The Productivity and Prosperity Project: An Analysis of Economic Competitiveness, October 2005
Lessons from the Irish Miracle, June 2005
Related Articles
The Importance of Maintaining a Competitive Business Climate, 2003
Quaker City's Economic Development History Holds Lessons for Phoenix
Taxing Only Corporate Sales: Boon or Boondoggle for State Economies?
2005 Competitiveness Report, Ireland
2004 Competitiveness Challenge, Ireland
National Innovation Initiative Final Report, Council on Competitivenss
Strengthening America’s Communities Final Report, Council on Competitiveness
Public Finance in Arizona, January 2003
A Current Assessment of Arizona's Tax Competitiveness, January 2000
Tax and Revenue System for a 21st Century Economy, 2004
Taxpayer's Bill of Rights, February, 2005
Capital Gains in Arizona, May 2005
Study: Tax-Break Incentives for Business Seldom Pay Off
Ephemeral Boon: State Coffers Swell With Irregular Capital Gains
TABOR Laws: Discipline or Disaster for State Spending?
Related Links and Resources
The Council on Competitiveness
Competitiveness, Irish Economy, Irish Enterprise, Economy Ireland
Greater Phoenix Economic Council
Arizona Budget - Joint Legislative Budget Committee
Arizona Budget – Office for Strategic Planning and Budgeting
Education and Human Resources Inputs
Regions competitive in the 21st-century economy are comprised of competitive companies, which in turn consist of competitive individuals. The more highly skilled a worker, the higher is the worker’s productivity. The educational attainment and skills of workers are more important than at any time in the past. Thus, a region’s educational infrastructure and the educational achievement of its residents are key components of regional competitiveness.
Research to Date
University Research and Local Economic Development, August 2006
Five Reasons to Skip College: A Reply, May 2006
Universities in the U.S. National Innovation System, March 2006
Tuition, Appropriations and Constitutional Mandates in Arizona, February 2006
Educational Attainment In Arizona Compared to All States, November 2005
Higher Education Enrollment and Finance in Arizona Compared to All States, October 2005
The Value of Higher Education: Individual and Societal Benefits
The Economics of Early Care and Education in Arizona, April 2004
Related Articles
Related Links and Resources
Knowledge Economy
One definition of the knowledge economy is that “the generation and exploitation of knowledge play the predominant part in the creation of wealth” (United Kingdom Department of Trade and Industry). Features of the knowledge economy include (1) knowledge becoming more important as an input, (2) knowledge becoming more important as a product, (3) codified knowledge becoming more significant as a component of economic relations, and (4) changes in information and communication technologies.
Research to Date
Related Articles
Economic Development via Science and Technology: How Can Arizona Improve its Standing, 2003
John Chambers (Cisco) Government IT Partnerships Key to Tomorrow's Work Force
Morrison Institute: Returns on Knowledge Economy Investments
Michael Crow: Role of the University in the Knowledge Economy
The Economic Benefits from Investment in University Based Research, Development and Education, October 2003
Morrison Institute Seeds of Prosperity - Public Investment in Science and Technology Research
Related Links and Resources
New Zealand Knowledge Economy Site
World Bank Knowledge Economy Assessment Tools
Consortium for Science and Policy Outcomes, Arizona State University