PUERTO RICO: INSIGHTS INTO ECONOMIC DEVELOPMENT POLICY Volume I (The Imperative to Settle the Status Question)
Insights into economic development are indeed revealed. Puerto Rico shows clearly that economic development is a political process. This volume contains five submissions to the Bipartisan Congressional Task Force on Economic Growth in Puerto Rico. Two emphatically argue the imperative to settle the status question of Puerto Rico. It further includes previous research works by Fernando LeFort titled “Is Puerto Rico Converging to the United States?”, J. Tomas Hexner, et. al “Statehood: A Pre-Condition to Economic Growth”, and “Puerto Rico and Section 936: A Costly Dependence” by J. Tomas Hexner and Glenn Jenkins. The main reason for Puerto Rico’s quite unrecognized slow development and its present financial and economic crisis was the non-resolution of its political status. Puerto Rico diverged rather than converged with the 50 states, and after consideration of the conventional variables, it’s not being a state appeared to be the main reason. Two immediate actions are required. First, significant public investment must begin immediately. Second, a level playing field from Washington: Puerto Rico should be treated like any state for all programs (for example, the earned income tax credit). Also Puerto Rico should be included in the enterprise zone legislation. Further, subsidized tax incentives, which are, in essence, corporate welfare, cannot be a prime building block for economic development. The economy needs to be reviewed for missed opportunities such as tourism, and attention should be focused on these developments. Finally, investors need reliable data for their decisions, and that has been sorely lacking.
|Date of creation:||Nov 2016|
|Contact details of provider:|| Postal: Kingston, Ontario, K7L 3N6|
Phone: (613) 533-2250
Fax: (613) 533-6668
Web page: http://www.econ.queensu.ca/
More information through EDIRC
When requesting a correction, please mention this item's handle: RePEc:qed:dpaper:293. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Bahman Kashi)
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.