{{Short description|Rate and direction of change in an economy}} '''Economic dynamism''' is the rate and direction of change in an economy.<ref name="auto">{{Cite web|url=https://eig.org/index-state-dynamism/|title=Index of State Dynamism|website=Economic Innovation Group}}</ref> This can include activities like the rate of new business formation, the frequency of labor market turnover, and the geographic mobility of the workforce.<ref name="auto"/> Economists disagree on the usefulness of the term, with some calling it too ambiguous, and with others calling it useful to understand the degree of churn in the economy.<ref name="auto1">{{cite web|url=https://www.cato.org/commentary/round-can-we-define-economic-dynamism#|title=Round up: Can We Define Economic Dynamism? |last=Bourne|first=Ryan|website=Cato.org|access-date=April 14, 2023|date=August 19, 2022}}</ref> Proponents of the term note that it can describe an economy's ability to adapt to changing circumstances, such as changing consumer demands or the availability of resources.<ref name="auto1"/> Some experts correlate economic dynamism with the rate of business start-ups.<ref>{{Cite journal|url=https://www.aeaweb.org/articles?id=10.1257/jep.28.3.3|title=The Role of Entrepreneurship in US Job Creation and Economic Dynamism|first1=Ryan|last1=Decker|first2=John|last2=Haltiwanger|first3=Ron|last3=Jarmin|first4=Javier|last4=Miranda|date=September 14, 2014|journal=Journal of Economic Perspectives|volume=28|issue=3|pages=3–24|via=www.aeaweb.org|doi=10.1257/jep.28.3.3|doi-access=free}}</ref> Rates of consumers changing banking or telecommunications service providers, especially as limited by switching barriers, have been cited as a major influence on economic dynamism.<ref name="wheeler2020">{{cite web | title = New Digital Realities; New Oversight Solutions in the U.S.: The Case for a Digital Platform Agency and a New Approach to Regulatory Oversight | url = https://shorensteincenter.org/wp-content/uploads/2020/08/New-Digital-Realities_August-2020.pdf | date = August 2020 | last1 = Wheeler | first1 = T. | last2 = Verveer | first2 = P. | last3 = Kimmelman | first3 = G. | publisher = Harvard Kennedy School | website = Shorenstein Center on Media, Politics and Public Policy}}</ref><ref name="whitehouse2023">{{cite press release |author=<!--Not stated--> |title=FACT SHEET: President Biden Highlights New Progress on His Competition Agenda |url= https://bidenwhitehouse.archives.gov/briefing-room/statements-releases/2023/02/01/fact-sheet-president-biden-highlights-new-progress-on-his-competition-agenda/|agency= The White House|date= 1 February 2023|access-date=27 June 2023}}</ref>
==See also== * {{slink|Edmund Phelps#Current focus}}, a major economist's recent work in this area * Startup Weekend (organization) * Yozma - Israeli program in the 1990s to kickstart venture captital
==References== {{reflist}}
Category:Economics and time Category:Change
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