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One of the key rationales for what has been called the “new regionalism ” is to increase productivity. While economists since Adam Smith and his pin factory have known that productivity enhancement is not an end in itself, it is arguably the principal source of economic growth and rising standards of living. As such, it takes on particular importance to regions such as Latin America and the Caribbean, where long-term sustainable growth has long been an elusive goal. Growth in the region has trailed that of East Asia since the 1960s, and in the past two decades has fallen below the overall developing country average (IDB, 2001). Growth accounting exercises that isolate the contributions of inputs (e.g., capital, education and labor) and total factor productivity to the growt

Year: 2011
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