The Irish Economic Boom: What Can We Learn?
The economic success story of the 1990s has been Ireland, with GDP per capita nearly doubling over the decade. In this article Pierre Fortin from the Université du Québec à Montréal and the Canadian Institute for Advanced Research provides a detailed examination of the factors behind the Irish renaissance and discusses the lessons of this experience for other countries. He finds that Ireland has experienced a long-term productivity boom over the last 25 years and that the recent acceleration in per capita GDP reflects an acceleration in employment rate growth, not in productivity growth. The main policy lessons that Fortin draws from the Irish economic miracle are: support free trade and investment; develop business-friendly industrial and tax policies; stick to free or low-cost secondary and post-secondary education; and ensure aggregate supply can accommodate non-inflationary aggregate demand expansion.
Volume (Year): 3 (2001)
Issue (Month): (Fall)
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