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Economic Evaluation

Dr. Steven S. Vickner from Utah State University conducts economic evaluation to analyze the impact of various industries in Iron County, measuring employment, income, and more. The study involves a social accounting matrix approach, encompassing all relevant industries, and utilizes data from various sources like USDA and Bureau of Economic Analysis.

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Economic Evaluation

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  1. Economic Evaluation Dr. Steven S. Vickner Associate Professor and Director of Graduate Programs Department of Economics Utah State University

  2. Economic and Fiscal Impact Analysis • Input-Output Model of Regional Economy • Iron county • All relevant industries (agricultural, etc) modeled using a social accounting matrix approach • Measures: • Employment • Personal Income • Value-added • Sales

  3. Input Markets -labor -capital Consumers -rural and urban -demographics Producers -hay -cattle Product Markets -dairy -beef Other Regions Circular Flow of Economy

  4. Economic Data Sources • USDA National Agricultural Statistics Service • US Department of Commerce, Bureau of Economic Analysis • US Department of Labor • Utah Department of Agriculture and Food

  5. Economic and Fiscal Impact Analysis • Leontief Inverse and Multipliers (Nobel Prize in Economics, 1973) • Economic Impacts • Direct effects • Ripple or spillover effects • Indirect • Induced • Fiscal Impacts • Local • State • Federal

  6. Asset Valuation • Water rights • Land and property values

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