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Economic Outlook: National and State Conditions Economic Outlook: National and State Conditions Russell Evans Executive Director Steven C. Agee Economic.

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Presentation on theme: "Economic Outlook: National and State Conditions Economic Outlook: National and State Conditions Russell Evans Executive Director Steven C. Agee Economic."— Presentation transcript:

1 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 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 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

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

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18 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) What is the role of transaction costs in determining the location of economic activity? Restated: How flat is the world, really? (Friedman vs. Moretti)

19 How to Become an Economic Cluster of Innovative Jobs: Innovation is Organic, not Engineered! 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 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

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29 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 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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