Human Capital, Innovation, and Productivity Growth: Tales from Latin America and Caribbean
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MPRA Paper from University Library of Munich, Germany
Why have Latin American and Caribbean countries (LAC countries) not replicated Western economic success? We investigate the reasons behind the economic stagnation of LAC countries for the past four decades. We utilize a nonparametric Malmquist productivity index for relevant cross-country and over time productivity growth, technological change, and technical efficiency change comparisons. We document that productivity growth differences between LAC countries and Western countries can only partially be attributed to human capital differences. We argue that along with inefficient production, differences in civil, political, and economic policies and institutions are promising factors in explaining the long-run economic performance of LAC countries.
Keywords: Caribbean; Latin America; Institutions; Malmquist productivity index (search for similar items in EconPapers)
JEL-codes: N26 O40 P52 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:3667
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