How to use economic growth in a sentence

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Sentence Examples Australia has had a booming economy for over a decade, but economic growth has not been translated into the creation of new full-time jobs. If economic growth continues, there are bound to be more cars spewing bad air. If they rise because economic growth appears to be accelerating, the increase will be harmless. This in turn will give rise to a better balance of payments and in turn to stronger economic growth. There are trade-offs between equality and economic growth, and each society must strike its own balance. We need to maintain this strong economic growth as it provides the wherewithal to address the main issues facing the country. Within ten years the economy was booming and it entered the age of very rapid economic growth. On the other hand, we only had four or five years of really rapid economic growth. What the billions of people who live in the world's poorer countries need is rapid economic growth. The one historic reversal of this ratchet was Ronald Reagan's 1981 tax cut, which increased revenue through economic growth. The policies should encourage economic growth since inflation rates remain low. Even in years when economic growth is flat or negative, electricity consumption nearly always increases. For three years they have predicted a rebound in US economic growth in the second half of the year. I know George would probably respond that we should reduce economic growth instead of building windmills, but there are two problems here. In many countries the harvesting of reed beds from wetland areas for producing paper and basketry is a vital part of local economic growth. Let us begin by reviewing one of the oldest accusations leveled at economic growth. Secondly, economic growth relies on the growth of labour forces, especially young labourers. The Kok report tries to do away with a belief that jobs need to be sacrificed at the altar of economic growth. They were of course unaware of the latent potential for economic growth just around the corner. It is a natural and familiar process of economic growth, led by economic connections between regions. Show More Sentences In leaders and news reports, the paper's editors and reporters ignore the unsustainable nature of endless economic growth on a finite planet. A weak labour market means less money to spend on goods and services and thus restrains economic growth. I always said manageable if we continued to pursue policies to promote economic growth and exercised responsible fiscal restraint. At some point, one argument runs, households will have to retrench, slowing consumption and therefore economic growth. There is little indication in the figures that there will be a return to strong economic growth in the near future. On one hand, a slow-down in economic growth and tax revenues will have an adverse effect. Those efforts produced more investment and high economic growth that boosted tax revenues. The reforms Japan has undertaken to revive economic growth fall somewhere between bland and modest. Higher fuel prices can cause unwelcome rises in inflation, restrict economic growth and are unpopular with voters. Rather, with the rise of risk capital, the market has become the critical nexus of economic growth and innovation. We have the highest economic growth of any of the world's major industrialized nations. Genuine economic growth will only return if relative prices can adjust, malinvestment gets liquidated, and a correction is allowed to occur. However the stated purpose of the tax cuts is to increase economic growth, and this is determined by the marginal tax rate. The think tank projected next year's economic growth would hit 4.01 percent. It believes dualling the A40 will stimulate economic growth in the region, and that this will in turn benefit the rest of the country. We have to contrast its dragging the chain on conservation with its pushing ahead on economic growth. Shanghai's amazing economic growth is promoting the city into a metropolis. To many observers, India's torrid economic growth looks like a recent event. On the other hand, some financial interests have argued that Australia needs more migrants to boost economic growth. Even as economic growth rates have grown moderately, unemployment continues to rise unabated. Show More Sentences New employment opportunities lead to a swell of great economic growth within the city. I've blogged before about how rural areas can sustain economic growth in the wake of factory shutdowns. They are wrong to conclude from this coincidence that economic growth is to blame for unhappiness. Maximizing economic growth and minimizing subsistence labor should be the twin goals of any rich, modern society. The prime minister has once again gambled on an explosive acceleration in economic growth that has yet to materialise. Rapid economic growth may lead to the simultaneous increase of both poverty and inequality. The single-minded pursuit of economic growth can exact a heavy toll on a community. Combined with all the other factors limiting economic growth, this could lead ultimately to state failure. The labor markets have always been the mother lode of information about trends in economic growth, inflation, and Federal Reserve policy. All this made the business sector an undependable contributor to economic growth. The findings showed no link between economic growth and undernutrition rates at a country level. Holland has just had eight years of solid economic growth and unemployment is almost non-existent. So all this economic growth stuff and unemployment figures may be wide of the real mark. Another explanation that had been offered was the economic growth was real, but the gains were being distributed unequally. The other two studies focus on the bondsmen who bore the brunt of the lowcountry's economic growth. Thailand is relying on rising exports and a consumer-spending boom to double economic growth this year. The growth figures suggest Ireland may recapture some of the form of the boom years when economic growth peaked at 11.5 per cent. The government is trying to cool an investment boom that stoked economic growth of 9.1 per cent last year, the fastest pace in seven years. Equally, rates could rise to high single digits if world peace was in jeopardy or economic growth boomed. Much of traditional Beijing has been destroyed by pressures of booming population and economic growth. Show More Sentences After the Wall Street crash, which led to a worldwide slump in economic growth, the world reverted to protectionism. Forecasts of its demise are based on unrealistically low economic growth estimates. However, economic growth was unsteady and its prosperity distributed very unevenly. In addition, since economic growth is central to progress the two concepts cannot be easily untangled. A donkey can avoid bad debts in a climate of strong economic growth, and negative real interest rates. Child labour can be eradicated only by social engineering on a major scale combined with national economic growth. Most of India's economic growth over the years was occasioned by, and spent on, demographic growth. Over the past two decades of neo-liberalism, global economic growth has actually slowed. The coastal regions, especially in the south-east, have undergone rapid economic growth while the vast remote areas remain undeveloped. Shortages of specie stifled economic growth by restricting the money supply. Amongst them were those visionaries who also comprehended the links between science, technology, and economic growth. Such a perspective fails to distinguish between economic growth and the business cycle. Such markets will contribute to sustained economic growth and boost job creation in China. Under Mr. Mbeki, the nation has had the longest period of sustained economic growth in its history. The Fed has already cut rates seven times this year, by a total of three full percentage points, to try to reignite sputtering economic growth. The cartel wants economic growth, lots of borrowers, and lots of opportunities to lend newly created funny money at interest. Sustainable economic growth in the region is also crucial to regional stability. Generally, economic growth is stagnant at best, and at worst it goes into contraction. He took a hammering for presiding over persistently high levels of unemployment and for less than impressive rates of economic growth. Keeping taxes low on capital gains and dividends fosters investment and economic growth. Show More Sentences Imports have been rising since last August, with demand for intermediate and capital goods increasing in line with economic growth. The capitulation of the left on economic growth parallels its defeat and marginalisation in political struggles. There is hardly any discussion of how to deal with global warming while generating substantial economic growth at the same time. The rapid economic growth of areas in the lower reach makes it urgent for river harnessers to ensure the safety of these areas. The industry suggests a number of changes, which it said would contribute towards stimulating economic growth and development. The ECB policy of cutting rates was and is designed to stimulate economic growth. Encouraging entrepreneurialism at this stage, he says, would only help to further stimulate economic growth in the future. He suggests that once investment flows slow down, Ireland remains at risk of slow economic growth due to the scale of foreign investment stocks. And no longer the stop-go economy, Britain is now enjoying the longest period of sustained economic growth for 200 years. These factors contributed to sluggish economic growth and persistently high structural unemployment, especially in the eastern states. Though progress has been made over the past decade, it has not been fast enough for economic growth to outpace population growth. The lowest levels of economic growth were in sub-Saharan African countries. In other words, democracy must be subservient to economic growth, and unchecked government power is good for us. But economic growth is key if we are to achieve success in these other policy areas. The prospect of power cuts had risen during the late 1990s as demand for power surged in line with economic growth. Though moderate income inequality may help sustain economic growth, drastic income inequality can choke it off. Another commonly held belief among members of the analyst community is that high oil prices will choke off economic growth. By raising prices at this crucial point, OPEC could be choking off the economic growth needed to keep demand robust. Treasury is telling him that if the rate of increase in the public sector continues, it has the potential to choke off economic growth. It is changing the lives and futures of more than 3,000 young New Zealanders, and filling the skills gaps that threaten to choke economic growth. Show More Sentences Paul Tansey, an independent economist, warned that we have to become more productive if we are to sustain economic growth long term. But however ambitious, these projects have failed to generate sustained economic growth. In all the analysts are optimistic that 2003 could be a year of continued and sustained economic growth. Political stability will be an important factor in ensuring sustained economic growth and continued international integration. The Growth Competitiveness Index measures a country's potential to achieve sustained economic growth. Thereby whole generations live under the shadow of crippling debts that require extraordinary and sustained levels of economic growth to offset. The Treasury report, in my view, is overly optimistic about the impact of tax rates on sustainable economic growth. The challenge for any developing country lies in achieving a level of sustainable economic growth. Monetary policy alone cannot achieve high and sustainable rates of economic growth. This is part of the Government's focus, which centres on higher rates of sustainable economic growth. Low inflation, low interest rates and sustainable economic growth are the main ingredients that allow banks to make heaps of money. Each over-estimated the likely sustainable economic growth rate over the next five years. And those predicting total economic mayhem may still be forced to eat humble pie by this time next year if economic growth starts to pick up. Only a relative handful of Sydneysiders have benefited from the state's economic growth. Raising rates now would hurt economic growth in the US and stifle the green shoots of recovery in Europe. He says world economic growth is the strongest it's been in 15 years, and wool prices are more competitive against cotton and synthetics. Consequently it is held that this allows the economy to move along the path of stable economic growth. It should be clear that neither offer a path toward rebuilding the foundation for future economic growth. Moreover, the relation between cliometrics and the history of economic growth is actually more subtle than Drukker lets on. The Government is saying that the best it can ever expect is 3.9 percent economic growth. Show More Sentences The modern state thus emerged on the periphery of a dynamic area of economic growth. The country's golden run of strong economic growth has been kind to federal and state coffers. The stock market has long been seen as a leading indicator of economic growth. The Olympics surge is feeding the economic growth process at the moment, particularly in Sydney, but this is by its very nature temporary. In fact, one might say that successful economic growth will inevitably lead to the perception of important and mostly ineradicable inequalities. The US central bank is trying to curtail inflationary pressures without obstructing economic growth. One myth is that it makes jobs insecure in developed countries, or that insecurity is a price that must be paid for economic growth. Free market policies lead to greater economic growth than interventionist policies, and therefore also lead to greater income inequality. With weak economic growth squeezing fiscal revenues, he was forced to announce a sharp increase in public borrowing in November. Those are significant contributors to supporting continued economic growth, better employment figures, and lower unemployment figures. The economic growth process frequently puts rural and urban people at odds politically. In theory, skilled authorities would regulate the issuance of paper money, increasing its quantity to foster desired economic growth. It was a time of rapid economic growth for the new country and the university flourished and rapidly expanded. The most populous nation on earth is undergoing the most rapid economic growth in human history. We need to base our continuing economic growth upon the graduates and postgraduates who populate our city businesses and academic institutions. Only then can we reach the standardised criterion of economic growth and prosperity. It is estimated that state cutbacks may reduce economic growth by at least one-half percent. It's about to join the ranks of the major powers within a few decades, if this rate of economic growth can be sustained. Trade and economic growth are positive-sum games, in which there can be winners without losers. Lackluster economic growth and a precipitous fall in the stock market have hammered German banks. Show More Sentences This in its turn will lead to a decrease in the rate of economic growth, stagnation and shrinking of markets. Planned economic growth was accompanied by the socialization of agriculture and of private commerce and industry. If economic growth is a misleading term, productivity growth is even more so. With Shanghai's rapid economic growth, qualified professionals are much needed. While most experts consider the problem severe, others say the gloomy forecasts are based on overly conservative projections of economic growth. The government is counting on rising exports to meet its 3.68 percent economic growth projection for this year. This is for the first time in close to a decade that that economic growth has exceeded the 8 per cent mark. The seminar also promulgates the idea of virtuous circles of economic growth, where migrants send money back home, creating more circles. It creates a high dependency culture that tends to undermine local economic growth and threaten local services. It doesn't really matter if the IQ is the main determinant of earnings, or economic growth, or anything else. Successful cooperatives will generate income for farmers and directly contribute to economic growth. To sustain economic growth, and global competitiveness Singapore needs to constantly renew and upgrade its workforce. Today, that same country has enjoyed three decades of the most unparalleled economic growth. The strong economic growth in the late 1980s and early 1990s has contributed to major changes in consumer purchases and consumption patterns. A huge literature has sprung up arguing that economic growth has to be checked in some way. The idea of trying to promote rapid economic growth for the benefit of humanity is entirely alien to the supporters of sustainability. The human cost of the rapid economic growth of the Asian Tiger economies is the background of the film. Behind the promotion of enterprise culture lies a mystical idea of productivity and economic growth. Most job losses have been fully or partially offset by economic growth and job gains in other sectors. Clearly, not everyone views the consequences of economic growth in the same way. Show More Sentences In addition, stock ownership became more diffuse, enabling middle-class Americans to benefit from economic growth. Consequently, as quotas increased over the decades in keeping with world economic growth, the role of the basic votes diminished gradually. The calculation of economic growth is based on the nominal gross domestic product deflated by a price index. His answer to the pension problem was increased economic growth and prosperity, which he said could be achieved by lower taxes. It will greatly boost the prospects for economic growth and expansion in towns and villages throughout the county. They are designed to increase economic efficiency within the EU so as to increase economic growth and prosperity. Sure, there has been a small increase in new businesses set-ups, but economic growth is sluggish. It is equally the case that 30 years of economic growth and rising prosperity in the Western world have not noticeably cheered us up. With rapidly increasing economic growth, urbanisation and transportation, air pollution is a growing issue. Despite 10 years of powerful economic growth, rich countries have cut rather than increased aid to poor countries. At the weekend, there was an international call for increased supply to ensure global economic growth. The question we must ask is what do we value more, overall economic growth or the health of our children. There is nothing to say that such unbounded economic growth will not come in discontinuous lumps. They have to balance between protecting their profits and encouraging economic growth. So if we believe that economic growth is what makes societies happy, promoting innovation can be this way linked to human ends. The information age generated many new commodities from phones to PCs which provided new engines of economic growth. Exports and consumer spending are the country's main economic growth engines, which last year helped the economy grow by 4.8 percent. The electorate was enjoying the benefit of years of unbroken economic growth. Monetary policy will respond to the economic growth rate and inflationary pressures in the euro area as a whole. As a consequence, American economic growth in general sucks in more imports than Euroland's growth sucks in American exports. Show More Sentences Walton expects economic growth to exceed the MPC's base case, due to buoyant exports and investment. This implies a move away from an exclusive service delivery focus to one that marshals local government to economic growth and development. Options play a huge role in economic growth and expensing them could hurt small companies. There has been some modest economic growth, the devaluation making Argentina's exports more competitive. By upgrading the importance of other factors he downgraded the importance of economic growth in the development process. The social and cultural obstacles to accelerated economic growth are immense. We have peace in the broader context and national security, but that is not enough to move the country forward to sustained democracy and economic growth. The publicly provided good, while valued by the voters, neither stimulates nor retards economic growth throughout the course of the current legislative period. The central bank is expected to cut interest rates today for the sixth time this year in an effort to boost bank lending and spur sputtering economic growth. Despite powering the country's economic growth, they receive a pittance of the proceeds. After the recession of 1921-1922, the country had entered an era of unrestrained economic growth. He revealed Russia's economic growth this year would nudge six per cent. The question is whether these agents of economic growth are not being stifled in the protection of inordinately high returns on shareholders interest. There can be no fiscal sustainability without a return to economic growth. A small degree of economic growth was recorded in 1995, despite a sense of economic crisis in the country, which led to the introduction of economic austerity measures. The 1950s was a period of extraordinary economic growth in Ontario. Experts explained that Japan confronted the same problem during its period of rapid economic growth, with many husbands too worn out at work to satisfy their wives. It will take decades of economic growth before any great number of them can expect to be connected to a national power grid, or urban-style running water. Another high economic growth period was certainly the time after a pharaoh had died in ancient Egypt and the economy was put under the command to erect a new pyramid. With the economy going gangbusters, the unprecedented past two years of massive job losses in the face of rising economic growth is probably at an end. Show More Sentences The American economy now depends on a rising tide of cheap imported goods to sustain acceptable levels of economic growth and domestic consumption. China and India are currently the engines of world economic growth. Poverty remains intractable despite economic growth in many countries. But while we might not be seeing a qualitative uplift to economic growth, today's economy has changed in many ways, compared to most of the twentieth century. Although financial development is not a sufficient condition to strengthen economic growth, it is a necessary condition and hence a precondition for high economic growth. To offset such a scenario, you might think OPEC would let prices drift lower, in order to spur economic growth that would soak up that excess crude. All of this will be billed as a stimulus package to boost economic growth. In the past, rising oil prices have put the brakes on economic growth. In his account, the government emerged with a more explicit role as a generator of economic growth, and urbanisation was shown to be a hitherto neglected feature. The 2000 Sydney Olympic Games and a slowdown in global economic growth also contributed to the decline in earnings before fixed charges and management fees, the report said. As in Chile, this massive redirection of funds from government deficit spending into private investment could raise U.S. economic growth to a new level altogether. Increased global economic growth will only inflate this figure further. Of course, technology is not a cure-all solution as innovations that create economic growth simultaneously destroy specific jobs as new technologies replace older ones. That's enough to have a measurable impact on economic growth. The view that trade was the engine of economic growth was a central tenet of mercantilism, the European economic orthodoxy in the first half of the eighteenth century. The city's economic growth is exemplified by the many new buildings that are currently under construction. At a time when economic growth is slowing down and public finances are worsening, this survey illustrates the true grit of the north when it comes to determination to succeed. As for the idea that this would harm the labor market and reduce overall economic growth? The new government will be pressed to reconcile religious conflicts and work out a policy that is considerate of the poor and mitigates the ill effects of economic growth. His wishful forecasts on economic growth were nicknamed Rosy Scenario by his colleagues, but now the Congressional Budget Office has matched his rosiness. Show More Sentences Central to the government's bid to rein in economic growth have been administrative curbs on lending, especially to money-losing state enterprises. Economically, they will learn of the toll that nuclear weapons can take on economic growth and development even if they do not beggar us completely. Furthermore, it is not possible by means of loose monetary policy to set in motion a so-called unsustained economic growth as suggested by him and other writers. For our part, we would greatly prefer to deal with the adjustments that are necessary for robust economic growth, rather than just kicking the can down the road. The economic growth, which in turn has fed the growth of motorised traffic, has led to the inevitable problems associated with road traffic in built-up areas. Nature has sometimes been destroyed as a side-effect of economic growth. The demand for government loans has also been criticized by some later commentators for starving industry of funds, and so holding down the rate of economic growth. There is a strong body of economic thought that says cutting taxes when a government is running such a healthy budget surplus is the best way to sustain economic growth. Good governance is lacking in most countries that are unable to promote job creation, engage in productive public spending and to stimulate economic growth. Trade and investment are the real engines of economic growth. But Mr Considine argued that tax forecasting was not an exact science and was subject to shifts in economic growth, which were difficult to predict. Research at the World Bank, reported in the 1997 World Development Report, has shown that corruption has strong adverse effects on investment and economic growth. Removing barriers to trade across national borders was expected to simultaneously increase rivalry and boost economic growth while promoting economic integration. Once again, tax rate cuts have created a virtuous chain reaction of higher economic growth, more jobs, higher corporate profits, and finally more tax receipts. What they don't understand is that rapid, steady and endurable economic growth needs to be sustained by an open and transparent democratic political system. Thailand and Vietnam depend heavily on exports to power economic growth. Private analysts underscored the importance of righting unbalanced global economic growth, which is blamed by the US for feeding the US trade deficit. Oil prices may have just hit record levels, but the International Monetary Fund is even more bullish about global economic growth in 2004 than it was six months ago. The formula didn't work as it was tied to economic growth, not the increase in healthcare costs. Given the shallowness of the domestic market, and its vulnerability to harvest failure, foreign markets played a leading role in the stimulation of economic growth. Show More Sentences Stock market returns are a pretty good predictor of economic growth. Beyond this, we fail to see the centrality of economic growth in Democratic messaging. Rapid economic growth fueled by foreign credits gradually gave way to economic autarchy accompanied by wrenching austerity and severe political repression. Romney said current trade restrictions are thwarting economic growth in developing nations as well as in the United States. Vernon said the amount of suburban office space being built speculatively is likely to decrease in the coming months as global economic growth slows. The stock market has been buoyant, and interest rates have been rising in part because of expectations of higher economic growth. On the other, there were swelling misapprehensions from the lack of a united line of action, of a clear model on economic growth and improvement of the standard of living. Bangladesh is one of the world's most densely populated countries and sustained economic growth is needed to help eradicate deep and widespread poverty. At a more specific level, and going back several centuries, histories of national economics show inconstant associations of free trade with economic growth. A vigorous debate is raging over the economic growth estimates. Declining business performances and soaring consumer prices indicate that the nation could suffer stagflation with low economic growth and high inflation this year. The end of the War of 1812 with Britain inaugurated decades of peaceful economic growth, with new roads and canals opening the eastern seaboard to easier and speedier travel. At the time, the administration and governance of port were very supportive of economic growth. During the 17th century, Europe was undergoing expansive social, cultural, and economic growth, known as the Dutch Golden Age in the Netherlands. Lowering the interest is therefore considered to encourage economic growth and is often used to alleviate times of low economic growth. The official said that Russia was suffering from stagflation, a mix of stubbornly high inflation and flat economic growth. A large majority said they do not expect economic growth to have much impact on their standard of living over the next 12 months. Macedonia's economic growth has slowed down but only negligibly, says the World Bank in its latest 2015 report. Markets dread inflation for it has the potential to push up interest rates in the economy, which in turn caps economic growth. Barbara Crossette finds a relationship between the economic growth attributable to globalization and peace. Show More Sentences There is no inherent contradiction between economic growth, poverty eradiation, and sustainability. New Jersey is uniquely positioned to continue to outpace our neighbors in economic growth. Economists warn that rapid economic growth could inflate prices. He says that cutting taxes will help to accelerate economic growth. The country's economic growth is being hindered by the sanctions. The unemployment rate is countercyclical in the sense that it rises when economic growth is low and vice versa. This resulted in high unemployment and social unrest, but ultimately also economic growth, particularly in the services sector. Instead, France's economic growth and industrialisation process was slow and steady through the 18th and 19th centuries. The WMCA holds devolved powers in transport, development planning, and economic growth. In the 12th and 13th centuries, Europe produced economic growth and innovations in methods of production. New tertiary industries such as retail, call centres, offices and media have contributed to a high rate of economic growth. The motorcycle market in the Asia Oceania region is growing rapidly consistent with economic growth in the region. Passenger levels have fluctuated since then, increasing during periods of economic growth and falling during recessions. Since 2013, as part of an International Monetary Fund program Pakistan's economic growth has picked up. Okun's law represents the empirical relationship between unemployment and economic growth. English Regional Development Agencies were set up in 1998 under the Government of Tony Blair to foster economic growth around England. After joining the EEC, Ireland enacted a series of liberal economic policies that resulted in rapid economic growth. The relationships among economic growth, employment, and poverty reduction are complex. The period of the Napoleonic wars brought prosperity, optimism, and economic growth to the Highlands. Rodney contended that the profits from slavery were used to fund economic growth and technological advancement in Europe and the Americas. Show More Sentences Throughout its existence, it experienced economic growth and modernization led by heavy industry. The privatisation of public assets was combined with financial deregulation in an attempt to fuel economic growth. Additionally, privatization from below had made important contribution to economic growth in transition economies. Some developing countries that had seen strong economic growth saw significant slowdowns. For example, in the 1980s, some commentators thought Japan would become a superpower, due to its large GDP and high economic growth at the time. Stalin also sought continued peace with Britain and the United States, hoping to focus on internal reconstruction and economic growth. Economic variables such as economic growth, inflation and productivity are no longer the only drivers of currency movements. Policy is generally directed to achieve particular objectives, like targets for inflation, unemployment, or economic growth. Most of this demand will be due to the urbanisation and rapid economic growth in Asia. These functions may increase the supply of available risk capital in the market and promote economic growth. If economic growth matches the growth of the money supply, inflation should not occur when all else is equal. Two researchers claim that global income inequality is decreasing, due to strong economic growth in developing countries. Education stimulates economic growth and improves people's lives through many channels. A 1996 study by Perotti examined the channels through which inequality may affect economic growth. Years of consistent economic growth meant that living standards generally increased, but Leicester was a stronghold of Radicalism. Due to economic interdependence, the effects would reduce economic growth outside of Europe as well. Brazil's national development bank plays an important role for the country's economic growth. The depression bottomed out in 1993, and Finland saw steady economic growth for more than ten years. Indonesia's recent strong economic growth has also been accompanied by relatively steady inflation. He points out that economic growth still has occurred, even with sizable welfare states. Find more words! 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What is the opposite of economic growth? Words that rhyme with economic growth What is the plural of economic growth? Use our Sentence Generator Nearby Words economic freedom economic equity economic efficiency economic downturn economic-development economic development economic imperialism economic interdependence economic model economic resources economics Economics