Ten-Gallon Economy: Sizing Up Economic Growth in Texas

ISBN-13: 9781137530165 / Angielski / Twarda / 2015 / 248 str.

Pia M. Orrenius; Jesus Canas; Michael Weiss

Opis

Texas' economic growth has consistently outpaced that of the United States as a whole over the past quarter century. What accounts for the state's economic success? And does it come at a price to be paid in the future? Ten-Gallon Economy features new research on regional economic growth and some surprising findings on Texas' unique tax and banking institutions, booming energy and export sectors, vibrant labor market, expanding demographics and human capital, and growing border economy. Texas has a dynamic economy, large yet flexible, but it is still subject to the booms and busts of the energy sector, which exercises an outsized influence. Taxes are low but regressive relative to national benchmarks, which fuels growth but can inhibit investment in education and health. Meanwhile, Texas, as one of only five minority-majority states, is poised to reap a big demographic dividend if it invests wisely in the coming generation of mostly Latino workers. Taken together, the chapters in this volume provide unique insight into the economy of the nation's second-largest state, laying out some of the choices facing policymakers charged with safeguarding the Texas growth premium for future generations.

Recenzje

"Ten-Gallon Economy is a timely volume on the important forces shaping the dynamic Texas economy over the past decade and more. The invited articles touch on the myriad drivers of the state's rapid growth (energy, exports, low taxes), but they also focus on the challenges that need addressing if Texas is to remain vibrant. The volume is not a compendium of Texas boosterism but rather of clear-eyed research and recommendations to assure future economic success for all Texans."

- Kathleen Cooper, Director of International Politics and Economics, Tower Center, Southern Methodist University, USA; former Under Secretary for Economic Affairs, US Department of Commerce; Chief Economist, Exxon Mobil Corporation

"Rather than providing simply an overview of Texas' 'oil economy,' Ten-Gallon Economy examines the people and socioeconomic conditions as well as the energy and non-energy components of the state's economy in the past, present, and future. This book is a must-read that will be both informative and enlightening for anyone interested in how we got here and the road forward."

- Steve Murdock, Allyn and Gladys Cline Professor of Sociology, Rice University, USA; former Director of the US Census Bureau

"We have a responsibility to turn our diversity into strength. The effective deployment of human capital has never offered greater promise than it does today. Ten Gallon Economy outlines the choices we face and the rewards we can fully realize only by addressing our growing education needs. We must always evaluate what our real-world options are; change is the one constant. Ten Gallon Economy's research and analysis provides invaluable insight in these challenging times."

- Renu Khator, Chancellor, University of Houston, USA

Spis treści

PART I: INTRODUCTION
1. Tipping Our Hats to the Ten-Gallon Economy; Pia M. Orrenius, Jesús Cañas, Michael Weiss
PART II: PUBLIC POLICY AND BUSINESS CLIMATE
2. Increasing Jobs and Income from Work: The Role and Limitations of Public Policy; David Neumark
3. Why Texas Grows Faster: The Role of Smaller Government; Jason Saving
4. The Shortcomings of the Texas Margin Tax; Alan D. Viard
PART III: HUMAN CAPITAL AND LABOR MARKETS
5. Texas' Education Challenge: A Demographic Dividend or Bust?; Marta Tienda
6. Oil Boom Lowers Human Capital Investment in Texas; Anil Kumar
7. Employment Growth and Labor Market Polarization in the U.S. and Texas; Melissa LoPalo, Pia M. Orrenius
PART IV: INDUSTRY AND EXPORTS
8. Texas Real Estate: From the 1980s' Oil Bust to the Shale Oil Boom; John V. Duca, Michael Weiss, Elizabeth Organ
9. The Evolution of Texas Banking; Kory Killgo and Kenneth J. Robinson
10. The Impact of Changing Energy Prices on the Texas Economy; Mine K. Yücel, Michael Plante, Amy Jordan, Nicole Lake
11. Texas Comparative Advantage and Manufacturing Exports; Jesús Cañas, Luis Bernardo Torres Ruiz, Christina English
PART V: BORDER AND ECONOMIC DEVELOPMENT
12. So Close to Mexico: Economic Spillovers Along the Texas–Mexico Border; Roberto Coronado, Marycruz De León, Eduardo Saucedo
13. Border Economic Recovery Lags Rest of State; Keith R. Phillips and Christopher Slijk
14. Las Colonias Along the Texas–Mexico Border; Jordana Barton, Elizabeth Sobel Blum, Emily Ryder Perlmeter, Raquel R. Márquez

O autorze

Pia M. Orrenius is Vice President and Senior Economist at the Federal Reserve Bank of Dallas, USA, where she leads the regional group that tracks economic growth and development in the Eleventh District. Orrenius has published extensively on the Texas economy, immigration, and labor markets, and is Executive Editor of the Dallas Fed publication Southwest Economy. 

Jesús Cañas is Business Economist at the Federal Reserve Bank of Dallas, USA. As member of the regional group he analyzes the regional economy. His research at the Fed also focuses on issues pertaining to the Mexican economy, the U.S.-Mexico border economy, and the maquiladora industry. Cañas has written articles for various Federal Reserve Bank publications and academic journals such as Annals of Regional Science and Growth and Change. Cañas holds a BA in Economics and Finance and an MS in Economics from the University of Texas at El Paso, USA.

Michael Weiss is Senior Writer/Editor in the Research Department of the Federal Reserve Bank of Dallas, USA, and edits the quarterly, Southwest Economy. He holds an MBA in Finance from the University of Texas at Arlington, USA, an MS in Journalism from Columbia University, USA, and a BA in Public Affairs from The University of Chicago, USA.

Jordana Barton, Federal Reserve Bank of Dallas, USA 

Roberto Coronado, Federal Reserve Bank of Dallas, USA 

Marycruz de León, Federal Reserve Bank of Dallas, USA 

John V. Duca, Federal Reserve Bank of Dallas, USA 

Christina English, Equal Employment Advisory Council, USA 

Amy Jordan, Federal Reserve Bank of Dallas, USA 

Kory Killgo, Federal Reserve Bank of Dallas, USA 

Anil Kumar, Federal Reserve Bank of Dallas, USA 

Nicole Lake, Blue Cross Blue Shield, USA 

Melissa Lopalo, Federal Reserve Bank of Dallas, USA 

Raquel R. Márques, Federal Reserve Bank of Dallas, USA 

David Neumark, University of California, Irvine, USA 

Elizabeth Organ, New York University, USA 

Emily Ryder Perlmeter, Federal Reserve Bank of Dallas, USA 

Keith R. Phillips, Federal Reserve Bank of Dallas, USA 

Michael Plante, Federal Reserve Bank of Dallas, USA 

Kenneth J. Robinson, Federal Reserve Bank of Dallas, USA 

Eduardo Saucedo, The University of Texas-Pan American, USA 

John Saving, Federal Reserve Bank of Dallas, USA 

Christopher Slijk, Federal Reserve Bank of Dallas, USA 

Elizabeth Sobel Blum, Federal Reserve Bank of Dallas, USA 

Marta Tienda, Princeton University, USA 

Louis Bernardo Torres Ruiz, Texas A&M University, USA 

Alan D. Viard, American Enterprise Institute, USA 

Mine K. Yücil, Federal Reserve Bank of Dallas, USA