Alberta’s Changing Industrial Structure: Implications for Output and Income Volatility

The counterpart to the economic cycle is the policy cycle. Whenever there is a downturn in the Alberta economy because of slumping oil and gas prices, politicians of all persuasions, from Peter Lougheed to Rachel Notley, have called for policies to diversify the economy, on the assumption that expanding other sectors of the economy will insulate Alberta’s economy against volatile oil and gas prices. null However, just because a sector is not...