The United States is a highly developed/advanced mixed economy. It is the world's largest economy by nominal GDP, and the second-largest by purchasing power parity (PPP) behind China. It has the world's seventh-highest per capita GDP (nominal) and the eighth-highest per capita GDP (PPP) as of 2022. The U.S. accounted for 25.4% of the global economy in 2022 in nominal terms, and around 15.6% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency.
Economic growth can be defined as the increase or improvement in the inflation-adjusted market value of the goods and services produced by an economy in a financial year. Statisticians conventionally measure such growth as the percent rate of increase in the real and nominal gross domestic product (GDP).
A developing country is a sovereign state with a lesser developed industrial base and a lower Human Development Index (HDI) relative to other countries. However, this definition is not universally agreed upon. There is also no clear agreement on which countries fit this category. The terms low and middle-income country (LMIC) and newly emerging economy (NEE) are often used interchangeably but refers only to the economy of the countries. The World Bank classifies the world's economies into four groups, based on gross national income per capita: high, upper-middle, lower-middle, and low income countries. Least developed countries, landlocked developing countries and small island developing states are all sub-groupings of developing countries. Countries on the other end of the spectrum are usually referred to as high-income countries or developed countries.
Clive Charles Hamilton AM FRSA is an Australian public intellectual and Professor of Public Ethics at the Centre for Applied Philosophy and Public Ethics (CAPPE) and the Vice-Chancellor's Chair in Public Ethics at Charles Sturt University. He is a member of the Board of the Climate Change Authority of the Australian Government, and is the Founder and former Executive Director of The Australia Institute. He regularly appears in the Australian media and contributes to public policy debates. Hamilton was granted the award of Member of the Order of Australia on 8 June 2009 for "service to public debate and policy development, particularly in the fields of climate change, sustainability and societal trends".
Kelvin John Thomson is a former Australian politician. From March 1996 to May 2016, Thomson was an Australian Labor Party member of the Australian House of Representatives, representing the Division of Wills in Victoria. In February 2013, Thomson was appointed the Parliamentary Secretary for Trade in the Second Gillard Ministry.
The Australian continent was first settled when ancestors of Indigenous Australians arrived via the islands of Maritime Southeast Asia and New Guinea over 50,000 years ago.
The Australia Institute is a public policy think tank based in Canberra, Australia. Since its launch in 1994, it has carried out research on a broad range of economic, social, and environmental issues.
The German Institute for Economic Research, or, more commonly DIW Berlin, is a economic research institute in Germany, involved in basic research and policy advice. It is a non-profit academic institution, financed with public grants from the Berlin Senate Department for Economics, Technology and Research and the Federal Department for Economics and Technology. DIW Berlin was founded in 1925 as the Institute for Business Cycle Research and was later renamed.
Spatial inequality refers to the unequal distribution of income and resources across geographical regions. Attributable to local differences in infrastructure, geographical features and economies of agglomeration, such inequality remains central to public policy discussions regarding economic inequality more broadly.
Urbanization in China increased in speed following the initiation of the reform and opening policy. As of 2022, China had an urbanization rate of 64.7% and was expected to reach 75-80% by 2035.
Ross Gregory Garnaut is an Australian economist, currently serving as a vice-chancellor's fellow and professorial fellow of economics at the University of Melbourne. He is the author of numerous publications in scholarly journals on international economics, public finance and economic development, particularly in relation to East Asia and the Southwest Pacific.
Economics of corruption deals with the misuse of public power for private benefit and its economic impact on society. Economies that are afflicted by a high level of corruption are not capable of prospering as fully as those with a low level of corruption. Also, economies that are corrupted are not able to function properly since the natural laws of the economy can not function freely. As a consequence, corruption, for instance, leads to an inefficient allocation of resources, poor education, and healthcare or the presence of a shadow economy, a kind of economy that includes illegal activities as well as unreported income from the production of legal goods and services for which taxes should be paid, but are not.
Green growth is a concept in economic theory and policymaking used to describe paths of economic growth that are environmentally sustainable. It is based on the understanding that as long as economic growth remains a predominant goal, a decoupling of economic growth from resource use and adverse environmental impacts is required. As such, green growth is closely related to the concepts of green economy and low-carbon or sustainable development. A main driver for green growth is the transition towards sustainable energy systems. Advocates of green growth policies argue that well-implemented green policies can create opportunities for employment in sectors such as renewable energy, green agriculture, or sustainable forestry.
Rural poverty refers to poverty in rural areas, including factors of rural society, rural economy, and political systems that give rise to the poverty found there. Rural areas, because of their spread-out populations, typically have less well maintained infrastructure and a harder time accessing markets, which tend to be concentrated in population centers.
The Great Stagnation: How America Ate All the Low-Hanging Fruit of Modern History, Got Sick, and Will (Eventually) Feel Better is a pamphlet by Tyler Cowen published in 2011. It argues that the American economy has reached a historical technological plateau and the factors that drove economic growth for most of America's history are no longer present. These figurative "low-hanging fruit" include the cultivation of much free, previously unused land, technological breakthroughs in transport, refrigeration, electricity, mass communications, sanitation, and the growth of education. Cowen, a professor of economics at George Mason University, theorizes that these factors have contributed to stagnation in the median American wage since 1973.
Luis Garicano Gabilondo is a Spanish economist and politician who was a Member of the European Parliament (MEP) from 2019 to 2022. He was also vice president of Renew Europe and vice president of the European political party Alliance of Liberals and Democrats for Europe. Before entering politics, he was a professor of strategy and economics at IE Business School in Madrid and at the London School of Economics (LSE). After leaving the European Parliament he has returned to academia as a visiting professor at Columbia Business School and at the University of Chicago Booth School of Business. An overview of his work can be found here.
The Committee for Adelaide is a membership-based organisation providing an independent voice for South Australia, committed to its namesake, Adelaide, the capital city of South Australia. Its membership is made up of some of the most diverse and influential organisations in South Australia while its board includes professionals across numerous industries The Committee for Adelaide's Chair is the Vice Chancellor and President of the University of South Australia, Professor David Lloyd and its Chief Executive Officer is Bruce Djite.
Michael G. Porter is an Australian academic economist who taught at the Australian National University (Canberra) and Monash University (Melbourne). In 1979, he set up a think-tank at Monash University, the Centre of Policy Studies (CoPS) supporting freer markets in commodities, finance and foreign exchange along with researching and advocating significant market-improving regulatory reforms. As part of this process CoPS employed leading US and other international economists and industry specialists. He is also the founding director of Tasman Institute from 1990-98
Kenya is a lower-middle income economy. Although Kenya's economy is the largest and most developed in eastern and central Africa, 16.1% (2023/2024) of its population lives below the international poverty line. This severe poverty is mainly caused by economic inequality, government corruption and health problems. In turn, poverty also worsens these factors. The Kenyan government's efforts to address poverty have received help from international institutions as well. The incident rate of poverty has steadily decreased, as shown by a recent MPI index.
