40:
867:
855:
1011:, which represents the increase in total money paid to local employees in the form of salaries and wages. The increases in income may come in the form of raises and/or increased hours for existing employees, or new jobs for the unemployed. This is a measure of the economic impact on just personal incomes, not business revenues or profits. A similar measure is the
1004:(GDP), and represents the total size of the local economy. This impact estimates the increase in local employee wages plus local business profits (not total revenue, like the output impact). However, the value added impact may overstate local profits when they are transferred overseas (such as in the form of dividends or investments in foreign facilities).
1090:
Additionally, new AI based software aLocal provides economic impact, financial forecast, market demand and employment estimates using a modified input/output algorithm using financial and community data in addition to the current software that only uses economic data. Their approach is to provide an
1043:
are the results of business-to-business transactions indirectly caused by the direct effects. Businesses initially benefiting from the direct effects will subsequently increase spending at other local businesses. The indirect effect is a measure of this increase in business-to-business activity
1071:
will impact other sectors. In addition, I/O models also estimate the share of each industry's purchases that are supplied by local firms (versus those outside the study area). Based on this data, multipliers are calculated and used to estimate economic impacts. Examples of I/O models used for
1050:
are the results of increased personal income caused by the direct and indirect effects. Businesses experiencing increased revenue from the direct and indirect effects will subsequently increase payroll expenditures (by hiring more employees, increasing payroll hours, raising salaries, etc.).
938:. The economic event analyzed can include implementation of a new policy or project, or may simply be the presence of a business or organization. An economic impact analysis is commonly conducted when there is public concern about the potential impacts of a proposed project or policy.
1161:
economic impact model is one example of this type of application. Many times the economic impact analysis is developed by the party advocating for the legislative or regulatory change, to communicate the merits of the proposed action. It can be useful with
1091:
analytics clearinghouse that is accessible, available, affordable and accurate representation to zip codes, cities, reservations, counties, MSA and congressional districts. aLocal also provides the analytics with shapefiles that are GIS compatible.
1015:, which measures the increase in the number of total employees in the local region. Instead of measuring the economic impact in terms of money, this measure presents the impact on the number of jobs in the region.
1030:
In addition to the types of impacts, economic impact analyses often estimate the sources of the impacts. Each impact can be decomposed into different components, depending on the effect that caused the impact.
1035:
are the results of the money initially spent in the study region by the business or organization being studied. This includes money spent to pay for salaries, supplies, raw materials, and operating expenses.
1099:
Economic impact analyses are related to but differ from other similar studies. An economic impact analysis only covers specific types of economic activity. Some social impacts that affect a region's
1157:
An economic impact analysis is commonly developed in conjunction with proposed legislation or regulatory changes, in order to fully understand the impact of government action on the economy. The
1087:
models. They account for everything the I/O model does, plus they forecast the impacts caused by future economic and demographic changes. One such an example is the REMI Model.
988:. In turn, local businesses use some of this new revenue to pay for goods and services outside of the study region, so the output impact is not synonymous with local business
1107:, but not an economic impact analysis, even if the economic value of those factors could be quantified. An economic impact analysis may be performed as one part of a broader
1111:, which is often used to examine impacts of proposed development projects. An economic impact analysis may also be performed to help calculate the benefits as part of a
968:, caused by a specific business, organization, policy, program, project, activity, or other economic event. The study region can be a neighborhood, town, city, county,
1185:
1051:
Households will, in turn, increase spending at local businesses. The induced effect is a measure of this increase in household-to-business activity. Finally,
1257:
1128:
941:
An economic impact analysis typically measures or estimates the change in economic activity between two scenarios, one assuming the economic event
1366:
Webster, R. M., & Bauerkemper, J. (Eds.). (2022). Tribal
Administration Handbook: A Guide for Native Nations in the United States. MSU Press
1216:
1377:
2645:
2601:
897:
829:
1073:
1022:, measuring the increase in total property values, and is a reflection of generated income and wealth, both personal and business.
1412:
1313:
1209:
1067:(I/O model) for analyzing the regional economy. These models rely on inter-industry data to determine how effects in one
1649:
1572:
1413:
Cambridge
Systematics, Inc.; Economic Development Research Group, Inc. & Boston Logistics Group, Inc. (August 2006).
1180:
1158:
1150:
projects. The analyses can also help increase community support for these projects, as well as help obtain grants and
1139:, publish guides, standards, and techniques for using economic impact analyses in transportation planning projects.
1415:"Guide to Quantifying the Economic Impacts of Federal Investments in Large-Scale Freight Transportation Projects"
1175:
1136:
1108:
890:
2083:
1268:
935:
2053:
2043:
1736:
1132:
228:
2264:
490:
2203:
2176:
964:
An economic impact analysis attempts to measure or estimate the change in economic activity in a specified
2670:
2630:
2611:
2188:
2033:
1999:
1984:
1963:
1958:
1079:
Another method used for economic impact analyses are economic simulation models. These are more complex
839:
59:
49:
2605:
2181:
1871:
1861:
1084:
950:
883:
833:
363:
353:
1751:
1388:
1063:
Economic impact analyses usually employ one of two methods for determining impacts. The first is an
243:
1445:
1213:
2635:
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2118:
1989:
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127:
71:
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565:
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1644:
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1190:
1124:
515:
323:
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170:
93:
1039:
The direct effects from the initial spending creates additional activity in the local economy.
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2107:
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2026:
1776:
1716:
1691:
1661:
1634:
1001:
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685:
530:
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208:
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112:
2591:
2274:
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2234:
2208:
2147:
1826:
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1741:
1432:
1112:
819:
500:
475:
460:
318:
258:
238:
233:
1414:
2640:
2344:
2088:
2058:
2011:
1974:
1900:
1851:
1816:
1756:
1721:
1656:
1639:
1146:
projects and efforts, such as real estate development, business openings and closures, and
1143:
1068:
570:
392:
343:
308:
248:
213:
117:
107:
54:
1589:
8:
2570:
2379:
2198:
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1994:
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1876:
1801:
1791:
1761:
1684:
989:
931:
796:
605:
427:
368:
293:
283:
253:
180:
88:
2239:
1671:
1044:(not including the initial round of spending, which is included in the direct effects).
465:
2675:
2625:
2596:
2554:
2359:
2068:
2048:
2016:
1930:
1925:
1905:
1856:
1796:
1786:
1731:
1726:
1558:
1357:
Trevan, E. & Panamaroff, J. (2019) Michigan Non-Gaming Tribal
Economic Impact Study
1064:
824:
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585:
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348:
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223:
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185:
155:
23:
2489:
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2374:
2254:
2142:
1945:
1881:
1846:
1836:
1706:
715:
690:
600:
480:
437:
373:
338:
328:
160:
122:
78:
2414:
640:
2539:
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2349:
2329:
2284:
1891:
1841:
1811:
1806:
1696:
1622:
969:
765:
710:
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680:
665:
595:
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555:
510:
383:
333:
303:
298:
2419:
645:
2650:
2544:
2509:
2474:
2409:
2334:
2319:
2213:
2169:
2006:
1940:
1915:
1910:
1886:
1617:
1602:
1220:
1100:
859:
770:
735:
700:
635:
560:
545:
432:
407:
402:
378:
150:
145:
2564:
2549:
2514:
2499:
2479:
2449:
2269:
1920:
1629:
1597:
1151:
1147:
790:
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675:
495:
412:
102:
98:
2299:
525:
2664:
2529:
2519:
2494:
2434:
2429:
2424:
2404:
2394:
2364:
2354:
2259:
2159:
2132:
1896:
923:
755:
745:
720:
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590:
580:
485:
388:
39:
2559:
2504:
2399:
2389:
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2309:
2154:
1679:
1607:
871:
785:
730:
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610:
535:
83:
1529:
2534:
2524:
2314:
2193:
2137:
1612:
1080:
1055:
are caused by geographic shifts over time in populations and businesses.
760:
750:
540:
175:
1131:(TREDIS) and TranSight. Several transportation agencies, including the
2444:
2244:
2021:
1142:
Economic impact analyses are often used to examine the consequences of
980:
Economic impact analyses often estimate multiple types of impacts. An
670:
470:
1507:
1485:
2294:
2224:
1581:
1302:
520:
451:
31:
1000:. The gross regional product (GRP) is very similar to the nation's
2073:
1324:
1163:
953:
case). This can be accomplished either before or after the event (
1466:. US Department of Transportation: Federal Highway Administration
1214:
http://corpslakes.usace.army.mil/employees/economic/glossary.html
985:
927:
919:
1459:
1335:
965:
922:
in a specified area, ranging from a single neighborhood to the
854:
1103:, such as safety and pollution, may be analyzed as part of a
1550:
992:. A more conservative measure of economic activity is the
1378:"Assessing the Economic Impact of Transportation Projects"
1186:
Economic impact of illegal immigrants in the United States
1291:
1375:
1255:
1346:
1258:"Measuring Economic Impacts of Projects and Programs"
996:, which estimates the increase in the study region's
1166:, media relations, and community outreach efforts.
1530:"Economic Impacts from Coal, Natural Gas and Wind"
972:, state, country, continent, or the entire globe.
1129:Transportation Economic Development Impact System
1127:. Common tools for this application include the
2662:
1376:Weisbrod, Glen; Burton Weisbrod (October 1997).
1123:Economic impact analyses are used frequently in
1094:
1076:, RIMS-II, Chmura, Emsi, and aLocal Solutions.
1256:Weisbrod, Glen; Burton Weisbrod (April 1997).
1025:
1566:
891:
975:
1251:
1249:
1573:
1559:
1247:
1245:
1243:
1241:
1239:
1237:
1235:
1233:
1231:
1229:
1018:Another measure of economic impact is the
926:. It usually measures changes in business
898:
884:
1406:
1007:An even more conservative measure is the
918:) examines the effect of an event on the
1226:
2663:
1554:
1464:Transportation Performance Management
1212:: Glossary of Economic Impact Terms (
16:Evaluates economic effect of an event
1650:Agent-based computational economics
1452:
1369:
1325:Economic Modeling Specialists, Intl
1265:Economic Development Research Group
13:
1181:Economic impacts of climate change
1159:United States Department of Energy
984:is the total increase in business
14:
2687:
2108:neoclassical–Keynesian synthesis
1385:Transportation Research Circular
1314:Chmura Economics & Analytics
865:
853:
38:
1535:. National Renewable Energy Lab
1522:
1500:
1478:
1360:
1176:Environmental impact assessment
1137:US Department of Transportation
1118:
1109:environmental impact assessment
140:Concepts, theory and techniques
1351:
1340:
1329:
1318:
1307:
1296:
1285:
1203:
1:
2044:Critique of political economy
1580:
1347:Regional Economic Models, Inc
1196:
1133:Transportation Research Board
1072:economic impact analyses are
949:(which is referred to as the
1095:Comparison to other analyses
7:
1303:Bureau of Economic Analysis
1169:
1026:Sources of economic impacts
10:
2692:
2182:Real business-cycle theory
1508:"Corporate Site Selection"
1460:"Economic Analysis Primer"
2622:
2580:
2222:
1956:
1705:
1670:
1588:
1058:
976:Types of economic impacts
934:, personal wages, and/or
1105:social impact assessment
912:economic impact analysis
128:JEL classification codes
1822:Industrial organization
1645:Computational economics
1210:Army Corps of Engineers
1191:Economic impact of AIDS
1125:transportation planning
314:Industrial organization
171:Computational economics
2027:Modern monetary theory
1692:Experimental economics
1662:Pluralism in economics
1635:Mathematical economics
1440:Cite journal requires
1002:gross domestic product
998:gross regional product
945:, and one assuming it
166:Experimental economics
1387:(477). Archived from
1113:cost-benefit analysis
1020:property value impact
1901:Social choice theory
1657:Behavioral economics
1640:Complexity economics
1394:on 28 September 2013
1144:economic development
1009:labour income impact
393:Social choice theory
1985:American (National)
1685:Economic statistics
1510:. Greyhill Advisors
1488:. Greyhill Advisors
1085:general equilibrium
860:Business portal
181:Operations research
161:National accounting
2671:Evaluation methods
1219:2012-08-26 at the
1065:input-output model
994:value added impact
191:Industrial complex
186:Middle income trap
2658:
2657:
2189:New institutional
1486:"Economic Impact"
1013:employment impact
908:
907:
2683:
1862:Natural resource
1697:Economic history
1623:Mechanism design
1575:
1568:
1561:
1552:
1551:
1545:
1544:
1542:
1540:
1534:
1526:
1520:
1519:
1517:
1515:
1504:
1498:
1497:
1495:
1493:
1482:
1476:
1475:
1473:
1471:
1456:
1450:
1449:
1443:
1438:
1436:
1428:
1426:
1424:
1419:
1410:
1404:
1403:
1401:
1399:
1393:
1382:
1373:
1367:
1364:
1358:
1355:
1349:
1344:
1338:
1336:aLocal Solutions
1333:
1327:
1322:
1316:
1311:
1305:
1300:
1294:
1289:
1283:
1282:
1280:
1279:
1273:
1267:. Archived from
1262:
1253:
1224:
1207:
1041:Indirect effects
970:statistical area
900:
893:
886:
872:Money portal
870:
869:
868:
858:
857:
354:Natural resource
146:Economic systems
42:
19:
18:
2691:
2690:
2686:
2685:
2684:
2682:
2681:
2680:
2661:
2660:
2659:
2654:
2651:Business portal
2618:
2617:
2616:
2576:
2340:von Böhm-Bawerk
2228:
2227:
2218:
1990:Ancient thought
1968:
1967:
1961:
1952:
1951:
1950:
1701:
1666:
1618:Contract theory
1603:Decision theory
1584:
1579:
1549:
1548:
1538:
1536:
1532:
1528:
1527:
1523:
1513:
1511:
1506:
1505:
1501:
1491:
1489:
1484:
1483:
1479:
1469:
1467:
1458:
1457:
1453:
1441:
1439:
1430:
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1422:
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1417:
1411:
1407:
1397:
1395:
1391:
1380:
1374:
1370:
1365:
1361:
1356:
1352:
1345:
1341:
1334:
1330:
1323:
1319:
1312:
1308:
1301:
1297:
1290:
1286:
1277:
1275:
1271:
1260:
1254:
1227:
1221:Wayback Machine
1208:
1204:
1199:
1172:
1121:
1101:quality of life
1097:
1061:
1053:dynamic effects
1048:Induced effects
1028:
978:
904:
866:
864:
852:
845:
844:
815:
805:
804:
803:
802:
566:von Böhm-Bawerk
454:
443:
442:
204:
196:
195:
151:Economic growth
141:
133:
132:
74:
72:classifications
17:
12:
11:
5:
2689:
2679:
2678:
2673:
2656:
2655:
2653:
2648:
2643:
2638:
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2628:
2623:
2620:
2619:
2615:
2614:
2609:
2599:
2594:
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2586:
2584:
2578:
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2574:
2567:
2562:
2557:
2552:
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2537:
2532:
2527:
2522:
2517:
2512:
2507:
2502:
2497:
2492:
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2477:
2472:
2467:
2462:
2457:
2452:
2447:
2442:
2437:
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2337:
2332:
2327:
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2282:
2277:
2272:
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2262:
2257:
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2237:
2231:
2229:
2223:
2220:
2219:
2217:
2216:
2211:
2206:
2201:
2196:
2191:
2186:
2185:
2184:
2174:
2173:
2172:
2162:
2157:
2152:
2151:
2150:
2140:
2135:
2130:
2129:
2128:
2127:
2126:
2116:
2111:
2096:
2091:
2086:
2081:
2076:
2071:
2066:
2061:
2056:
2054:Disequilibrium
2051:
2046:
2041:
2036:
2031:
2030:
2029:
2019:
2014:
2009:
2004:
2003:
2002:
1992:
1987:
1982:
1977:
1971:
1969:
1957:
1954:
1953:
1949:
1948:
1943:
1938:
1933:
1928:
1923:
1918:
1913:
1908:
1903:
1894:
1889:
1884:
1879:
1874:
1869:
1867:Organizational
1864:
1859:
1854:
1849:
1844:
1839:
1834:
1829:
1824:
1819:
1814:
1809:
1804:
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1769:
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1642:
1637:
1632:
1630:Macroeconomics
1627:
1626:
1625:
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1615:
1610:
1605:
1598:Microeconomics
1594:
1592:
1586:
1585:
1578:
1577:
1570:
1563:
1555:
1547:
1546:
1521:
1499:
1477:
1451:
1442:|journal=
1405:
1368:
1359:
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1339:
1328:
1317:
1306:
1295:
1284:
1225:
1201:
1200:
1198:
1195:
1194:
1193:
1188:
1183:
1178:
1171:
1168:
1152:tax incentives
1148:site selection
1120:
1117:
1096:
1093:
1060:
1057:
1033:Direct effects
1027:
1024:
977:
974:
951:counterfactual
947:does not occur
906:
905:
903:
902:
895:
888:
880:
877:
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862:
847:
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827:
822:
816:
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807:
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800:
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723:
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623:
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430:
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405:
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359:Organizational
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205:
203:By application
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201:
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142:
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70:Branches and
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37:
36:
33:
30:
29:
25:
21:
20:
2646:Publications
2602:Publications
2569:
2165:Neoclassical
2155:Mercantilism
2064:Evolutionary
1926:Sociological
1899: /
1797:Geographical
1777:Evolutionary
1752:Digitization
1717:Agricultural
1680:Econometrics
1608:Price theory
1539:30 September
1537:. Retrieved
1524:
1512:. Retrieved
1502:
1490:. Retrieved
1480:
1468:. Retrieved
1463:
1454:
1433:cite journal
1421:. Retrieved
1408:
1396:. Retrieved
1389:the original
1384:
1371:
1362:
1353:
1342:
1331:
1320:
1309:
1298:
1292:IMPLAN Group
1287:
1276:. Retrieved
1269:the original
1264:
1205:
1156:
1141:
1122:
1119:Applications
1098:
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981:
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958:
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946:
942:
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924:entire globe
915:
911:
909:
830:Publications
795:
418:Sociological
391: /
289:Geographical
269:Evolutionary
244:Digitization
209:Agricultural
113:Mathematical
84:Econometrics
2440:von Neumann
2209:Supply-side
2194:Physiocracy
2138:Marginalism
1827:Information
1767:Engineering
1747:Development
1742:Demographic
1613:Game theory
1590:Theoretical
1081:econometric
930:, business
666:von Neumann
319:Information
259:Engineering
239:Development
234:Demographic
176:Game theory
118:Methodology
2665:Categories
2597:Economists
2470:Schumacher
2375:Schumpeter
2345:von Wieser
2265:von ThĂĽnen
2225:Economists
2124:Circuitism
2089:Humanistic
2084:Historical
2059:Ecological
2049:Democratic
2022:Chartalism
2012:Behavioral
1975:Mainstream
1936:Statistics
1931:Solidarity
1852:Managerial
1817:Humanistic
1812:Historical
1757:Ecological
1722:Behavioral
1514:19 October
1470:16 January
1423:16 January
1398:16 January
1278:2008-11-30
1197:References
825:Economists
696:Schumacher
601:Schumpeter
571:von Wieser
491:von ThĂĽnen
452:economists
428:Statistics
423:Solidarity
344:Managerial
309:Humanistic
304:Historical
249:Ecological
214:Behavioral
108:Mainstream
2676:Economics
2515:Greenspan
2480:Samuelson
2460:Galbraith
2430:Tinbergen
2370:von Mises
2365:Heckscher
2325:Edgeworth
2204:Stockholm
2199:Socialist
2099:Keynesian
2079:Happiness
2039:Classical
2000:Mutualism
1995:Anarchist
1980:Heterodox
1877:Personnel
1837:Knowledge
1802:Happiness
1792:Financial
1762:Education
1737:Democracy
1672:Empirical
1582:Economics
1492:8 October
741:Greenspan
706:Samuelson
686:Galbraith
656:Tinbergen
596:von Mises
591:Heckscher
551:Edgeworth
369:Personnel
329:Knowledge
294:Happiness
284:Financial
254:Education
229:Democracy
123:Political
89:Heterodox
32:Economics
2626:Category
2606:journals
2592:Glossary
2545:Stiglitz
2510:Rothbard
2490:Buchanan
2475:Friedman
2465:Koopmans
2455:Leontief
2435:Robinson
2320:Marshall
2170:Lausanne
2074:Georgism
2069:Feminist
2017:Buddhist
2007:Austrian
1906:Regional
1882:Planning
1857:Monetary
1787:Feminist
1732:Cultural
1727:Business
1217:Archived
1170:See also
1164:lobbying
1069:industry
834:journals
820:Glossary
771:Stiglitz
736:Rothbard
716:Buchanan
701:Friedman
691:Koopmans
681:Leontief
661:Robinson
546:Marshall
450:Notable
398:Regional
374:Planning
349:Monetary
279:Feminist
224:Cultural
219:Business
24:a series
22:Part of
2641:Outline
2612:Schools
2604: (
2565:Piketty
2560:Krugman
2425:Kuznets
2415:Kalecki
2390:Polanyi
2280:Cournot
2275:Bastiat
2260:Ricardo
2250:Malthus
2240:Quesnay
2143:Marxian
2034:Chicago
1964:history
1959:Schools
1946:Welfare
1916:Service
1707:Applied
990:profits
959:ex post
955:ex ante
932:profits
928:revenue
920:economy
840:Schools
832: (
791:Piketty
786:Krugman
651:Kuznets
641:Kalecki
616:Polanyi
506:Cournot
501:Bastiat
486:Ricardo
476:Malthus
466:Quesnay
438:Welfare
408:Service
79:Applied
55:Outline
50:History
2550:Thaler
2530:Ostrom
2525:Becker
2520:Sowell
2500:Baumol
2405:Myrdal
2400:Sraffa
2395:Frisch
2385:Knight
2380:Keynes
2355:Fisher
2350:Veblen
2335:Pareto
2315:Menger
2310:George
2305:Jevons
2300:Walras
2290:Gossen
2214:Thermo
1892:Public
1887:Policy
1842:Labour
1807:Health
1074:IMPLAN
1059:Method
966:region
943:occurs
776:Thaler
756:Ostrom
751:Becker
746:Sowell
726:Baumol
631:Myrdal
626:Sraffa
621:Frisch
611:Knight
606:Keynes
581:Fisher
576:Veblen
561:Pareto
541:Menger
536:George
531:Jevons
526:Walras
516:Gossen
384:Public
379:Policy
334:Labour
299:Health
156:Market
2636:Lists
2631:Index
2582:Lists
2555:Hoppe
2540:Lucas
2505:Solow
2495:Arrow
2485:Simon
2450:Lange
2445:Hicks
2420:Röpke
2410:Hayek
2360:Pigou
2330:Clark
2245:Smith
2160:Mixed
2119:Post-
1941:Urban
1921:Socio
1911:Rural
1533:(PDF)
1418:(PDF)
1392:(PDF)
1381:(PDF)
1272:(PDF)
1261:(PDF)
813:Lists
781:Hoppe
766:Lucas
731:Solow
721:Arrow
711:Simon
676:Lange
671:Hicks
646:Röpke
636:Hayek
586:Pigou
556:Clark
471:Smith
433:Urban
413:Socio
403:Rural
103:Macro
99:Micro
60:Index
2571:more
2295:Marx
2285:Mill
2270:List
2148:Neo-
2104:Neo-
1541:2011
1516:2011
1494:2011
1472:2014
1446:help
1425:2014
1400:2014
1135:and
1083:and
936:jobs
797:more
521:Marx
511:Mill
496:List
2535:Sen
2255:Say
2114:New
1847:Law
961:).
957:or
916:EIA
910:An
761:Sen
481:Say
339:Law
2667::
1462:.
1437::
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1431:{{
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Text is available under the Creative Commons Attribution-ShareAlike License. Additional terms may apply.
