Using Stones to Build Stairs - The Story of the Irish Economic Miracle

Bence Horak ()
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Bence Horak: Magyar Nemzeti Bank

Financial and Economic Review, 2024, vol. 23, issue 1, 167-181

Abstract: This paper sets out to demonstrate how the poor, famine-stricken Irish economy evolved into a global model economy. The reasons behind that dynamic development and growth are still the subject of professional debate. It stands to reason that the opening of the market with solid foundations, an intense inflow of foreign working capital due to exceptional tax breaks, an English-speaking population, the efficient use of additional resources offered by EU accession, the country's unique geographical location, a highly educated workforce and the solidary inclination of the Irish people have all had a beneficial effect. As a result, what once used to be one of Europe's poorest countries in the 19th century has become one of the world's most productive economies since the turn of the millennium.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:mnb:finrev:v:23:y:2024:i:1:p:167-181

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