By Susan M. Collins, Barry P. Bosworth, Miguel A. Soto-Class
A territory of the USA, Puerto Rico operates lower than U.S. felony, financial, defense and tariff platforms. regardless of sharing in those and different key U.S. associations, Puerto Rico has skilled financial stagnation and big scale unemployment because the Nineteen Seventies. The island’s dwelling criteria are low by way of U.S. criteria, with a in step with capita source of revenue merely part that of Mississippi, the poorest nation. whereas many reports have analyzed the monetary implications of Puerto Rico’s political dating with the U.S., little study has targeted widely at the island’s monetary event or assessed its progress customers. during this leading edge new publication, economists from U.S. and Puerto Rican associations deal with a number of significant coverage concerns affecting the island’s monetary improvement. to border the present state of affairs, the individuals start by way of assessing Puerto Rico’s prior adventure with a variety of development rules. They then learn a number of reforms and new tasks in exertions, schooling, entrepreneurship, economic coverage, migration, alternate, and financing improvement, which they contain right into a proposed process for jumpstarting Puerto Rican monetary development.
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Extra resources for Economy of Puerto Rico
In 1950 Puerto Rico’s population was relatively young. 7 Thus a steady rise in the proportion of the population that was of labor force age contributed to a significant boost in Puerto Rico’s per capita income. Today, at 76 percent, the proportion of the population aged sixteen and over is the almost identical to that in the United States. 8 Between 1950 and 6. The income and product accounts of Puerto Rico are constructed on a base of 1954. We have rescaled the GDP and GNI data to prices of 2000, for expository purposes.
Tax code may have distorted official production data and to the construction of adjusted output indicators. We then use growth accounting to examine the historical performance of the Puerto Rican economy in more detail, comparing it with that of the United States and selected other economies. The accounts enable us to focus on the contributions of increased physical capital per worker, increased educational attainment of the workforce, and improvements in economic efficiency. In the fourth section, we ask what lessons might be drawn from the experience of Ireland, an island economy with striking parallels to Puerto Rico, and one that has undergone a recent rejuvenation.
3 percent. Since the adjustment does not alter the contributions of physical or human capital, all of the change falls through to lowering the residual growth in TFP. 0 percent using the official data. 5 percent. Labor productivity growth picks up a bit after 1990, owing to a larger contribution of capital deepening, but the change in TFP turns negative. The adjustment greatly strengthens the pattern of steadily deteriorating productivity performance after 1975 that was already evident in the official data.