Economic and Impact Analysis
Economic and social impact analysis enables our economists to measure the value that a project, policy, industry, or business brings to a local economy or the world.
ThoughtLab excels at creating models for calculating the economic or social footprint of a project, policy, event, organization, or industry. We can assess these impacts on any geographic area, including local neighborhoods, cities, states, provinces, regions, countries, and the world.
Our economists are skilled at modeling impacts across multiple economic measures, from growth and jobs to wages and taxes. We have used economic and social impact analysis for a range of projects, from infrastructure and government policies to sustainability, diversity, and digital technology.
Our econometric models analyze the full spectrum of impacts, including direct, indirect, induced, and catalytic effects. Take the impact of a company on the local economy. A company can generate revenue, jobs, wages, and taxes directly through its business operations. But it also has an indirect impact through its partners and suppliers, which make similar economic contributions. In turn, these direct and indirect effects lead to induced impacts from the increased spending by employees. Finally, the interplay of these impacts can work together in a virtuous circle to trigger longer-term catalytic impacts on the local economy.
The shadow economy, sometimes called the informal or underground economy, comprises economic activity that takes place outside of formal channels—generally to avoid governmental scrutiny and taxation—and is not included in the officially calculated gross national product (GNP). It results in significant social, economic, cultural, and political challenges. To better understand the impact of the shadow […]Read More