Mr. Wong, at the Milken Institute, counsels his cohorts to look at how many available workers there are in a city, rather than the number of jobs it is adding. But even a large number of available workers doesn't always make for a booming economy. David Lereah, the chief economist at the National Association of Realtors in Washington, says economists should more carefully consider demographic trends. He speculates the economies that lure wealthy baby-boom retirees will do better during the next 20 years than those that don't. Indeed, he says regional weaknesses in the future could be as much a consequence of demographic shifts as downturns in specific industries such as oil or real estate.
Economists admit their approaches are imperfect.
But that, they say, only underscores the need for more data. Inc. All Rights Reserved. By using this site, you agree to the Terms of Use and Privacy Policy .