By Susan M. Collins, Barry P. Bosworth, Miguel A. Soto-Class
A territory of the U.S., Puerto Rico operates lower than U.S. felony, financial, safety and tariff structures. regardless of sharing in those and different key U.S. associations, Puerto Rico has skilled fiscal stagnation and big scale unemployment because the Seventies. The island’s dwelling criteria are low by means of U.S. criteria, with a in step with capita source of revenue merely part that of Mississippi, the poorest country. whereas many reports have analyzed the economic implications of Puerto Rico’s political courting with the USA, little examine has centred commonly at the island’s monetary adventure or assessed its progress customers. during this cutting edge new ebook, economists from U.S. and Puerto Rican associations tackle various significant coverage matters affecting the island’s financial improvement. to border the present scenario, the members start by way of assessing Puerto Rico’s earlier event with quite a few progress rules. They then study a number of reforms and new projects in exertions, schooling, entrepreneurship, monetary coverage, migration, alternate, and financing improvement, which they contain right into a proposed method for jumpstarting Puerto Rican fiscal progress.
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Extra info for Economy of Puerto Rico
There are obvious problems with the 2000 census, however, which shows a plunge in participation rates for both men and women. Neither the household 40 bosworth/collins nor the establishment employment surveys indicate such a development. Before 2000, the census also implied a much larger rise in the female participation rate. As a final, additional check on the data, we compared the estimate of nonagricultural employment from the payroll records of the Current Employment Statistics survey. We would expect some differences, both because this survey excludes the self-employed and because it includes duplicate records for those holding multiple jobs.
30 Results for 1970 and 2000 are shown in table 2-8. It is evident that Puerto Rico has largely caught up with the United States. 8 in the United States. 5 years. It is surprising to note that Puerto Rican island residents are much more likely to have a college degree than are persons of Puerto Rican descent who live on the mainland. 31 In computing the growth accounts discussed earlier in this chapter, we assigned a 7 percent rate of return to each additional year of education. There is extensive international evidence of a strong relationship between income and educational attainment at the microeconomic level, although the correlation is weaker at the 28.
6 percent. 5. pdf). economic growth 21 The gap in per capita income can also be related to underlying differences in the proportion of income that accrues to residents, productivity, labor utilization, and the age structure of the population. This is shown by the following equation: GNI (2-1) where GNI GDP GDP E E capita ( = GNI P × (GDP ) × E ×( ) GDP E ( P ) lf lf P ), = the proportion of income from production that accrues to residents, = production per worker, Plf = the proportion of the population aged sixteen and over that is employed, and Plf = the proportion of the population aged sixteen and over.