State business climate indexes capture state policies that might affect economic growth. State rankings in these indexes vary wildly, raising questions about what the indexes measure and which policies are important for growth. Indexes focused on productivity do not predict economic growth, while indexes emphasizing taxes and costs predict growth of employment, wages, and output. Analysis of sub-indexes of the tax-and-cost-related indexes points to two policy factors associated with faster growth: less spending on welfare and transfer payments; and more uniform and simpler corporate tax structures. But factors beyond the control of policy have a stronger relationship with economic growth.
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Commonwealth Sci & Ind Res Org, St Lucia, Qld, AustraliaCommonwealth Sci & Ind Res Org, St Lucia, Qld, Australia
Herrero, Mario
Thornton, Philip
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Int Livestock Res Inst, CGIAR Res Program Climate Change Agr & Food Secur, Nairobi 00100, KenyaCommonwealth Sci & Ind Res Org, St Lucia, Qld, Australia
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Univ Calif San Francisco, WM Keck Ctr Integrat Neurosci, San Francisco, CA 94143 USAUniv Calif San Francisco, WM Keck Ctr Integrat Neurosci, San Francisco, CA 94143 USA
Brainard, MS
Doupe, AJ
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机构:Univ Calif San Francisco, WM Keck Ctr Integrat Neurosci, San Francisco, CA 94143 USA