Survival: The Necessity for Industrial Diversification in Trinidad and Tobago

Abstract

This paper argues that neither simple unemployment stability nor indiscriminate diversification should be the desired goals for the stability of the economy; however it does support the view that diversification generally reduces cyclical instability. Nevertheless, such aggregate measures provide little in the way of specific policy recommendations. As suggested by other researchers, this requires more detailed information on specific industry and community characteristics and how they also may affect economic stability.