Before leaving to enjoy their long and well-deserved vacations, some legislators are pushing a pilot plan to reduce the workday in government agencies -and later in private enterprise- to 32 hours per week, with the same salary and benefits.
Senator Ana Irma Rivera Lassén has proposed a four-day workday for public employees, with no reduction in salary. It is argued that the measure will increase productivity and improve the quality of life. As an initiative of a serious legislator, with an impeccable trajectory, the proposal deserves fair consideration.
Occupational licensing - state regulation of particular jobs - presents barriers to the economic freedom of individuals. Over time, the state has increased regulation of occupations, thereby increasing labor costs and subsistence, and limiting opportunities for access to jobs and trades. This has raised concerns for individuals, legislators and multi-sector leaders who seek to reform the sector to promote freedoms, including economic freedom, and economic growth.
The preliminary costs of the bankruptcy, amounting to $1 billion so far, should be a powerful incentive for us to force structural reforms that will save Puerto Rico from a second bankruptcy and an economic cliff. It would be an act of collective folly to ignore the reasons that led us into the fiscal hole and to have become the first state government in the United States to file for bankruptcy.
The free-market system allows the individual to interact freely for the satisfaction of his conception of the good life within the rule of law. The individual as an agent is the main actor within the market; however, private, or public businesses and the State itself also figure as actors in the free market. In this article, we present the three ways in which the State acts in the free market.
What can they learn about competition, free trade, poverty, regulation, and innovation on both sides of the Atlantic? Argentina's triumph in the World Cup organized by Qatar has given Lionel Messi the last trophy he was missing. Argentina's achievement has also left several lessons that can be extrapolated far beyond soccer. Here are three lessons that our politicians can learn from the world champions.
No serious free marketer believes that markets are perfect. We aren't utopians. Unfortunately, perfect markets and perfect competition are often the starting point of economic textbooks. This rosy starting point leads many to conclude that when conditions are less than perfect, the best course of action for a correction is government intervention. It's wrong.
One of the big problems we have in Puerto Rico is the worldview that the population has in relation to the functions of the state. We have become accustomed to seeing the government as the one that has to solve social problems, we justify its meddling in economic aspects and we even pay homage to politicians by treating them with certain airs of royalty.