The Utah demographic and economic model

People require a view of the future in order to act with purpose. A coherent and comprehensible picture of a likely future is the foundation for consistent planning. Governments plan investments in infrastructure based on the future expected population of an area. Entrepreneurs invest in industries that are anticipated to hold the most promise for the success of their innovations. Medical providers plan facilities, programs, and research based on the future size and characteristics of the population. There is a widespread need for data about the future economy and population in order to make informed decisions. Populations and economies are interrelated and complex, and the future is inherently uncertain. A well-specified population model can illuminate these interrelationships, and facilitate solid analysis and projections. The ideal model distills the most essential features of a complicated phenomenon in a way that is useful, reproducible, and understandable. These types of models are challenging to develop and never perfect, but also indispensable for well-designed policies.