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Alberta's economic reliance on its energy resources - Term Paper Example

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The Need to Diversify Alberta’s Economy Introduction According to recent surveys, statistics claim that Alberta and its neighbors in the North and South have been having stagnant economy in recent years. Alberta’s current labor force is ranging at 1.35 million, and the economy added about ten thousand jobs last year1…
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Albertas economic reliance on its energy resources
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Download file to see previous pages In 1991, the overall industry construction had risen to thirty six percent. In addition, Alberta’s energy companies have also been affected by downsizing among Alberta’s oil and gas firms. The positive news about the energy sector is that their balance sheets are improving through debt reduction. Job insecurity is another factor that is affecting Alberta’s economy2. According to a recent research, statistics show that one out of four Canadians is concerned with the increasing job security. This job insecurity concern extends to both the white collar and the blue collar workers, which in turn reduces economic recovery. More intense research about Alberta’s work force claims that Albertans are the most highly educated workforce in Canada. The research went ahead to reveal that thirty eight percent of these individuals hold on the same job for over two years while the other percentage change jobs within the same period of time. Human resource capabilities are the most important factor that should arise to determine the long-term welfare of Alberta’s work force welfare. This paper will outline Alberta’s diversification progress and review other areas that are still lagging behind that needs improvement. Summary This article presents how Alberta’s economy gradually evolved. ...
Ideally, the article presents how these economic set backs are affecting the society and the government has embraced these facts because the government is trying hard to curb these issues. Alberta’s poor economic growth is mainly contributed by poor infrastructure because it is only through proper infrastructure that the other economic sectors will open up. The best change to fix this problem is reconstructing all the necessary transportation roads. This will be possible if the concerned parties pile up pressure on the government to allocate a certain percentage of revenue to fix infrastructure. In contrast, the article “Alberta’s perspective”, seems to base its facts on the necessity of improving infrastructure because it is the gateway to the other economic developments. However, other alternatives are needed to collaborate with infrastructure to improve Alberta’s economy. Most of Alberta’s economic sectors depend on each other and that is why infrastructure alone cannot solve Alberta’s poor economy. For instance, agriculture will depend infrastructure and marketing skills in order to venture into the market. Therefore despite the fact that the author is basing his facts on infrastructure, I believe that other alternatives are needed. Therefore, the government should act fast by forming a delegation that will discuss Alberta’s reforms like, taxation system, reduce government spending and diversify Alberta’s energy global markets. Further, the supply of labor and the wage rate help determine the labor market equilibrium3. All of these strategies will only be a short term proposal intended on regaining back the economy. This is a temporal solution while ...Download file to see next pagesRead More
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