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Economic Outlook: National and State Conditions

Economic Outlook: National and State Conditions. Russell Evans Executive Director Steven C. Agee Economic Research and Policy Institute Meinders School of Business Oklahoma City University. U.S. Economic Overview.

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Economic Outlook: National and State Conditions

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  1. Economic Outlook: National and State Conditions Russell Evans Executive Director Steven C. Agee Economic Research and Policy Institute Meinders School of Business Oklahoma City University

  2. U.S. Economic Overview • Conditions continue to moderate…encouraging news at the start of the year gives way to a disappointing spring • Slowing labor market renews concerns of a stalling recovery • Inflationary pressures remain at bay…but for how long? • Global pressures mount as BRIC economies slowing and Europe tries to balance austerity and growth

  3. U.S. Economic Outlook: Risks and Commentary • The Eurozone crisis and a Chinese slowdown • Monetary policy, inflationary pressures, and the appetite for risk • Business and consumer uncertainty

  4. The Central Question of Regional Economic Development What is the role of transaction costs in determining the location of economic activity? Restated: How flat is the world, really? (Friedman vs. Moretti)

  5. How to Become an Economic Cluster of Innovative Jobs: Innovation is Organic, not Engineered! • Get Lucky • Make your own luck by not losing tomorrow’s innovative leader • Get Connected • Physically and virtually connected within your region and to adjoining regions • Get Proactive • Build a bottom-up consensus on plans to develop and retain educated workforce and foster creativity

  6. Concluding Thoughts • U.S. conditions disappoint through the summer – cautiously optimistic of a promising fall and 2013 • Oklahoma continues to perform well relative to the nation, but well-supplied oil and natural gas markets likely cool economic activity in 2012 and 2013 • Oklahoma City may be on cusp of becoming an innovation center

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