One clear lesson from recent research in urban and regional economics is that the collective skills of the people living in an area are a critical ingredient for its growth prospects. Improving the education available to residents can pay large dividends over time. I know that this list seems long, and none of issues I have raised are easy to address. Nonetheless, I am confident that Puerto Rico has started on the road to recovery. In the current environment, it’s hard to see beyond the immediate crisis to a brighter future for Puerto Rico, but that has been said of other places that have come back stronger than ever. Getting the fiscal situation in order is an important first step. The factors leading up to the crisis took many years to develop, and history shows that a successful recovery from a crisis also takes time. It is important to recognize that fact and to stay the course. Before I conclude, let me briefly discuss our new survey. Earlier this month, the New York Fed released the Puerto Rico Small Business Survey, which focuses on the business performance, financing needs and borrowing experiences of firms across the Island. The survey is intended to fill important knowledge gaps and flag potential economic growth opportunities for the Commonwealth. It was designed with input from partners here in Puerto Rico, and we are very grateful for their cooperation. Key findings reveal that firms are persevering through Puerto Rico’s economic crisis, though a majority reported declining revenues.

One of those different lenses comes from mapping the economy bottom-up, rather than top-down, aggregating microscopic experiences into a macroscopic view. In medicine, we use a variety of different tools, at different resolutions, to diagnose problems and when prescribing solutions: thermometers, blood pressure monitors, X-rays, CT scans, ultrasound and blood tests. Rarely does one of these measures provide all of the diagnostic answers. Using them in combination can, however, help reach robust clinical conclusions. And that “micro-to-macro” approach is commonplace when understanding other complex adaptive systems like the body, natural, physical and social. 3  Rajan (2019). Coyle (2014). For example, Helliwell, Layard and Sachs (2019), Ngamaba (2017) and Commission on the Measurement of Economic Performance and Social Progress. 4 5  3  All speeches are available online at www.bankofengland.co.uk/speeches  3  Like our bodies, the economy is also a complex, adaptive system. As in medicine, it can be measured using different tools at different resolutions. There are various metrics of societal health, in addition to GDP. For example, there has been increasing interest recently in measures of physical and mental health.6 A number of statistical agencies, including in the UK, now gather direct and indirect metrics of people’s well-being. Here we map a selection of those alternative metrics, based around health, wealth and happiness. A different sort of lens comes from viewing these metrics at different spatial resolutions – regional, local authority, postcode even. This allows a “micro-to-macro” jigsaw of the economy to be pieced together, as with other complex systems.