Economic Development
Economic development is the process of improving the standard
of living consistent with democratically-determined policies impacting
income distribution and the quality of life. The College of Business
Administration contributes to economic development with research,
education, and services impacting the system of resource allocation
through public and private decision-making processes for the innovation
and diffusion of technology, creation and utilization of knowledge,
enhancement of productivity, and the evaluation of policy and
the environment of business.
More specifically, the CBA contributes to the economic development
of Oklahoma by: (1) conducting research in cooperation with Oklahoma
companies; (2) conducting research for private and public economic
development policy makers; (3) providing public and private policy
makers with the economic forecasts they need in their respective
planning processes; (4) training the employees of Oklahoma companies
so that Oklahoma firms can better compete in global markets; (5)
providing advice and guidance to Oklahoma firms that are trying
either to begin or expand their operations; (6) providing advice
to public policy makers on matters that pertain to economic development;
(7) playing a leading role in the internationalization of the
Oklahoma economy; (8) enhancing the state's business image; and
(9) providing quality business education which both attracts businesses
to the state and develops critical human resources.
A primary example of these activities is the Oklahoma Economic
Outlook publication series. The publication presents forecasts
of likely economic activity for the coming year based on results
generated by the Oklahoma State Econometric Model. Directed by
a faculty member from the Department of Economics and Legal Studies
in Business and developed by professional researchers of the Office
of Business and Economic Research, the 1998 Outlook represented
the 18th year for the publication. Over 35 Oklahoma firms participate
in and support the effort each year. Other economists are directing
research attention to income and productivity inequalities for
various regions of the nation, the demographics of the state's
marginal oil and gas well operators, development of Oklahoma's
banking industry, the effects of state tax structures on economic
development, and determinants of productivity growth in manufacturing.
Dissemination of the results of these investigations can assist
decision makers in the state and the region as they undertake
actions to improve economic development competitiveness.