P3: Productivity & Prosperity Project
The Productivity and Prosperity Project: An Analysis of Economic Competitiveness (P3) is an ongoing initiative begun in 2005, sponsored by Arizona State University President Michael M. Crow. P3 research incorporates literature reviews, existing empirical evidence, and economic and econometric analyses.
Productivity is the efficiency with which goods and services are produced by a given set of inputs. Prosperity is economic well-being, or more broadly, overall well-being. For an individual, a business, a region and a country, enhancing productivity leads to improved competitiveness, which in turn results in increased prosperity.
In the early 21st century, the transition from an industrial economy to a knowledge economy continues. Education and other human capital is of increasing importance, though other economic foundations, particularly the physical infrastructure, remain key inputs in economic development—to achieving productivity, competitiveness and prosperity.
For an introduction to P3, see The Productivity and Prosperity Project: An Analysis of Economic Competitiveness. This October 2005 report provides an introduction to the concepts of productivity, prosperity and competitiveness and to the research agenda of P3.
The subsequent P3 reports are organized into one of four topics. Because of its increasing importance as an input or factor of production, “Education and Other Human Capital” is set apart as the first topic. Other inputs, such as the physical infrastructure, are discussed as part of “Competitiveness and Economic Development,” which also addresses strategies to improve competitiveness. The “Knowledge Economy” section includes discussions of specialized inputs, such as research and development, and addresses issues such as innovation, technology and science. The final section of “Economic Performance” includes papers that analyze Arizona’s economic performance relative to other states and the nation.