Celebrating humanity's flourishing through the spread of capitalism and the rule of law
05 Feb 2016 Leave a comment
in economics of religion, entrepreneurship, industrial organisation, law and economics, politics - USA, property rights Tags: doing business, Mexico, Puerto Rico
Having a high minimum wage is the least of the problems that the US territory of Porto Rico has when you consider reasons from its recent sovereign default. It owes about US$70 billion. It is a terrible place to do do business – worse than Mexico! Mexicans find it easier to export to the USA!
15 Aug 2015 Leave a comment
in applied price theory, development economics, economic history, industrial organisation, politics - USA, public economics, rentseeking, survivor principle Tags: Puerto Rico
(Co-authored with Ben Zipperer. Posted at Washington Center for Equitable Growth)
Puerto Rico today faces a serious debt crisis, recently defaulting on a bond payment. The proximate cause is a slowdown in economic growth since the mid-2000s, which has reduced tax revenues, and a declining labor market, where employment growth has been mostly in the red since 2007.
There are many explanations for the economic downturn and the resulting fiscal crisis, but some commentators have incorrectly blamed the island’s high minimum wage. To be sure, the federal minimum wage—which has applied to Puerto Rico since 1983—is much more binding there than it is on the mainland. Because hourly wages are substantially lower in Puerto Rico compared to the U.S. mainland, the federal minimum wage policy affects more of the workforce there. In 2014, for example, the federal minimum wage stood at 77 percent of the median hourly wage in Puerto Rico…
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11 Jul 2015 Leave a comment
in applied price theory, applied welfare economics, Federalism, income redistribution, labour economics, labour supply, minimum wage, politics - USA, Public Choice, rentseeking Tags: federalism, living wage, Puerto Rico, sovereign default
Puerto Rico's economy can't handle the federal minimum wage. bit.ly/1IEJIEi http://t.co/D3mzOmlnJa—
Manhattan Institute (@ManhattanInst) July 07, 2015
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