What Does Economic Complexity Mean? And Who Cares?
In my previous article, on the Bioscience Labor Market Analysis in St. Louis, I explained the regional economic development complications caused by "overspecialization", and promised to provide a brief explainer on the issues of economic complexity in general.
So... Here's why questions of economic complexity are relevant to the St. Louis region.
"Increasing a region’s or country’s economic complexity — by making products of high complexity — is associated with increasing incomes and affluence.
Countries whose economic complexity is greater than [expected] tend to grow faster than those that are “too rich” for their current level of economic complexity."