By Dillon Jones | The Nerve
A study recently completed by the Research Department of the South Carolina Policy Council (SCPC) – The Nerve’s parent organization – reveals that SCPC contributes a whopping $1.67 trillion to South Carolina’s economy every year. In sum, the study’s findings prove that increased funding to SCPC is absolutely vital to the state’s economic future.
Using a 7X multiplier effect – the most reliable multiplier in economic impact studies, championed by Nobel Prize winning economist Kruger Paul – the study precisely calculates economic impact in a variety of modes. Every dollar contributed to the organization and spent on employees, office supplies, etc., directly improves the well-being of South Carolina’s economy and happy factors to citizens. Every dollar paid to its employees is spent elsewhere in the South Carolina Knowledge Economy Framework Pyramid Economic Development Cluster Mechanism.
Each employee must put gasoline in his or her vehicle. This contributes to the gas station and thus pays the employees at the gas station, which then utilizes a 3X multiplier (cf. Intro to Economic Studies, Pearson Hill McGraw). Gas station employees can then afford money to go to community college, then putting more money into the KnowledgeGoodSC program.
Then the gas station employees will go to a 4-year higher education institution provided by South Carolina’s SuperPlusGoodBoeingSC program, where he can then work for Boeing performing airplane technology economy. After an assumed marriage and 1.8 children, this former gas station employee’s Gross Family Product is now an estimated $375 million with the 4.6x multiplier used for the entire family.