By Susan M. Collins, Barry P. Bosworth, Miguel A. Soto-Class
A territory of the us, Puerto Rico operates lower than U.S. criminal, financial, safety and tariff structures. regardless of sharing in those and different key U.S. associations, Puerto Rico has skilled monetary stagnation and massive scale unemployment because the Seventies. The island’s dwelling criteria are low by means of U.S. criteria, with a consistent with capita source of revenue in basic terms part that of Mississippi, the poorest kingdom. whereas many stories have analyzed the economic implications of Puerto Rico’s political courting with the USA, little examine has centred generally at the island’s financial adventure or assessed its progress customers. during this cutting edge new publication, economists from U.S. and Puerto Rican associations tackle a number significant coverage concerns affecting the island’s financial improvement. to border the present scenario, the participants commence via assessing Puerto Rico’s prior event with quite a few progress guidelines. They then study numerous reforms and new projects in exertions, schooling, entrepreneurship, economic coverage, migration, alternate, and financing improvement, which they comprise right into a proposed technique for jumpstarting Puerto Rican fiscal progress.
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Additional info for Economy of Puerto Rico
The adjusted output version suggests that Puerto Rico actually lost ground after 1980. Furthermore, Puerto Rico’s catch-up can be traced primarily to a more rapid rate of physical capital accumulation and to substantial progress in narrowing the educational attainment gap. The island has performed less well in catching up to the mainland level of total factor productivity. Table 2-5 also shows that Puerto Rico has performed well relative to an average of eighty-four other countries that make up about 95 percent of world GDP.
However, in the present context, labor force participation emerges as a critical part of any effort to raise Puerto Rican living standards. 24. Dietz (1986, pp. 273–81). 25. Castillo-Freeman and Freeman (1992). 26. Alan Krueger (1995) goes further in casting doubt on the robustness of the connection between the minimum wage and unemployment after 1970. 27. The determination of employment status in the census is based on the answers to two simple questions about having been employed in the prior week and having looked for work in the prior month.
Ireland is a small island economy of nearly identical population that has performed extraordinarily well in the past decade. Ireland’s growth has resulted mainly from strong improvements in employment and TFP, in contrast to the emphasis on capital accumulation in East Asia. That focus has been particularly evident since 1990. As a highly successful island economy that overcame a prior period of slow growth, Ireland may offer some guidance for Puerto Rico. We return to this comparison later in this chapter, following a more detailed discussion of the role of factor inputs—employment, as well as physical and human capital—in Puerto Rico’s growth.