Noel Gray (Ph.D.)
BIODATA
Dr. Noel Gray is an economist, statistician and sociologist. He works as an Instructor at American Intercontinential University, and an Adjunct Professor at Clark Atlanta University both in Atlanta Georgia. He is also the President and CEO of Gray Matter Research and Consulting LLC which does economic and social research for private businesses and governments. Dr. Gray is also a graduate of the University of the West Indies with a B.Sc.(Hons) Degree in Economics from Cave Hill and an M.Sc. in Social Sciences from the Consortium Graduate School at Mona. He completed his Doctorate in Economics from Florida International University.
ABSTRACT
A discussion of the economic development of Montserrat necessarily falls into the area of study of “small nation size and development”. Here I argue that the relevant issue for Montserrat is that of viability. Viability will be achieved if the island can establish the mechanisms, institutions, relations and processes that create the conditions conducive to the efficient use of natural and human resources; so as to raise the standard of living to acceptable international standards, and ultimately to the maximum levels possible. As Lloyd Best did, in relation to Caribbean economies, I argue that the economy of Montserrat is so tiny and simple that viability for it is “a problem of management in an unending effort to perceive, or create and in any case, to exploit a multiplicity of little openings and opportunities” (Best 1971).
The paper then seeks to demonstrate that this we can readily accomplish by exploiting our status of an overseas territory of Britain, which gives us tariff-free access to European markets. If we couple this with the exploitation of cheap domestic energy production (geothermal, solar and wind) we can attract domestic and foreign investment seeking to take advantage of lower production cost and greater market access. It would also attract foreign workers and their families thus creating a larger domestic market, greater domestic business opportunities and more efficient use of domestic infrastructure and services and greater government revenue.
The government will be able to invest more money in education that would equip the population to take advantage of domestic and international business opportunities given increasing globalization. The rapid development of internet and other communication technology will allow Montserratians to work for internationally located businesses from Montserrat.
© Noel Gray, 2008. Page last revised November 3, 2008.
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