Economists largely agree that there are several crucial factors that explain differences in economic growth across countries and states. These factors are labor, capital, and technology—or, more generically, knowledge. Just how an economy mixes together these necessary building blocks explains why some countries experience sustained economic growth and others do not.
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About the Author
Rik Hafer is an associate professor of economics and the Director of the Center for Economics and the Environment at Lindenwood University in St. Charles, Missouri. He was previously a distinguished research professor of economics and finance at Southern Illinois University Edwardsville. After receiving his Ph.D. from Virginia Tech in 1979, Rik worked in the research department of the Federal Reserve Bank of Saint Louis from 1979 to 1989, rising to the position of research officer. He has taught at several institutions, including Saint Louis University, Washington University in Saint Louis, the Stonier Graduate School of Banking, and Erasmus University in Rotterdam. While at Southern Illinois University at Edwardsville, Rik served as a consultant to the Central Bank of the Philippines, as a research fellow with the Institute of Urban Research, and as a visiting scholar with the Federal Reserve Banks of Atlanta and St. Louis. He has published nearly 100 academic articles and is the author, co-author, or editor of five books on monetary policy and financial markets. He also is the co-author of the textbook Principles of Macroeconomics: The Way We Live. He has written numerous commentaries that have appeared in The Wall Street Journal, the St. Louis Post-Dispatch, the St. Louis Business Journal, the Illinois Business Journal, and the St. Louis Beacon. He has appeared on local and national radio and television programs, including CNBCs Power Lunch.
