In the aftermath of the global financial crisis, the main challenge facing the U.S. and its trading partners was a return to growth. After these economies improved in 2010, the outlook now for the main trading partners of the U.S.

Elinor Ostrom, the 2009 recipient of the Nobel Prize in Economic Sciences, told the audience at the Economic Club of Phoenix Luncheon that there's ample evidence to prove that polycentric, or multilevel, approaches — even relatively easy fixes that can be implemented by local communities, busines

Annual employment revisions recently issued by the U. S. Bureau of Labor Statistics brought more bad news for the Arizona economy. Preliminary monthly job growth figures had previously indicated improving labor market conditions as the year ended.

Read or listen: A report on real estate market conditions in Phoenix shows that foreclosures represented 43 percent of total transactions in February.

"Arizona is stuck in a vicious cycle right now," says Lee McPheters, research professor at the W. P. Carey School of Business and director of the JPMorgan Chase Economic Outlook Center. "Homes come onto the market from foreclosure and that weakens prices.

"Polymath" is the Greek word for Renaissance man — one who excels at many things. But if, centuries ago, society needed a Da Vinci or a Franklin, the grand challenges of today call for teams of experts.

Tod C.

Each month at the Economic Club of Phoenix luncheon, a W. P. Carey School of Business expert analyzes economic conditions in Arizona and in the nation. On February 17, Dean Robert Mittelstaedt reminded his audience that this recovery is different.

The International Monetary Fund (IMF) recently released an update of its World Economic Outlook. The current forecast by the IMF for the U.S. economy calls for real output (Gross Domestic Product or GDP) to increase by 3.0 percent in 2011 and then slip back to 2.7 percent growth in 2012.

According to the preliminary estimate from the BEA, the overall U.S. economy grew by 2.9 percent in year 2010 compared to the previous year. The 2.9 percent gains for 2010 were the strongest in the past four years.