In order to avoid the causes of regional income discrepancy in the coming years, Canada should study the following economic challenges. These are labor and wages. Uneven job distribution in Canada is caused by differences in local population and unemployment rate. Because of the large number of emigrants in the country, the unemployment rate has risen. Wage disparities have arisen as a result of inequalities in industry structure and labor productivity. High level of per capita income have largely reflected high wages and also from labor mobility, social legislation, and unionization of employees leading to the equalization of national wage.
Foreign economic links from countries like the United States of America have benefited the country more.it have benefited from access to the Great Lakes and also from its proximity to industrial zones like the automobile industry development in Windsor. Atlantic Provinces needs to take advantages from economic blocks like Pacific Rim for its economic growth. The human capital element is another issue, migration of most educated and dynamic people have led to declining in quality of human resources in the region. Hence Atlantic Provinces should improve the working conditions and wage issues in the manufacturing and service industries in order to prevent the brain drain from the region.
On the issue of trade, Atlantic Province's tariff structures should be improved in order to protect and encourage industrialization from the domestic market. Those tariff policies should help to subsidize the domestic products in order for those products to compete well in the free trade market. On transport sector, subsidies and reduced freight rates of rail shipments for commercial trucking are important in order to reduce transportation cost, thus reducing the costs of goods in the market. Prairie wheat farmers should be continued to be assisted in the marketing and transporting of their output by the federal government.
In particular, describe the most appropriate, sustainable vision for energy use and development in this region?
Natural resources should be invested in the modern clean energy technology that will cut the energy edge development and also ensuring affordable energy rates. Although we want a clean environment, the future of our energy and resources will be determined by access to the global market. We should consider meeting our international change obligations that clear our market price from carbon by investing in renewable energy projects and also in the clean technology sector. International laws and our constitution should be seriously followed in developing energy projects in order to protect the community from dangerous oil pipelines which are hazards to people health and environmental pollution.
The should leverage the natural resources to create value-added jobs by constructing gravity based drilling rather than using a lot of budget allocation to construct oil pipeline which has litter impact to the economy. This traditional energy industry is clean and produces renewable energy which has low or none effect to the environment. Whether is upgrading or extracting the energy; safety, health, and environmental protection should be the critical part in any energy use in order to have clean energy economy. The community should be protected from dangerous goods transported by world class tankers, rail, and pipeline enforced safety standards and also by establishing an efficient and credible system of reliable environmental assessments (Bahr, 2014). Sustainable technology should be investing in order to invest in solar, hydro, the wind, and geothermal energy technology which will lead to the remarkable development and creating many jobs opportunities and also protecting climate change.
Finally, what indicators of prosperity should the region focus on? Along with output (GDP), what indicators will be the most important for the future of a small, open economy like ours?
Instead of focusing on GDP as the measure of prosperity, good jobs, wellbeing, health, fairness, and good environment should be considered also. This is because GDP does not tell us the decency of standard of living of those in employment, life satisfaction of public wellbeing, the environmental conditions of the work place, equality in the work place, and even the quality of health of works.
References
Bahr, N. J. (2014). System safety engineering and risk assessment: a practical approach. CRC Press.
