Understanding the Income and Efficiency Gap in Latin America and the Caribbean (Directions in Development)

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Description

The Latin The us and the Caribbean Region (LAC) has benefited from a decade of remarkable growth. Yet despite this latest progress, the region still faces a significant per capita income gap with the remainder of the developed world, and a sustained long-term path toward income convergence is not guaranteed. The papers in Understanding the Income and Efficiency Gap in Latin The us and the Caribbean make a very powerful contribution to the ongoing research and debate on the reasons for this persistent income gap and propose some broad avenues for reform. This volume presents new evidence at the macro, sectoral, and micro levels that differences in total factor productivity (TFP), or efficiency in the usage of the production factors, such as physical and human capital an efficiency gap provide an explanation for a large a part of the region s persistent income gap. The studies in this volume find that (i) increasing focus on closing the efficiency gap is critical to reduce the income gap and fortify LAC s convergence prospects; (ii) eliminating distortions that cause misallocation of resources will also fortify the incentives to innovate; and (iii) reducing macroeconomic volatility will alleviate the negative affect of the poverty gap on growth. Understanding the reasons in the back of LAC s income gap is a necessary step toward designing appropriate growth strategies, particularly in the context of a growth slowdown the region is currently experiencing. Understanding the Income and Efficiency Gap in Latin The us and the Caribbean narrows the search for the reasons in the back of LAC s income gap and provides policy priorities for addressing the problem.

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