Crafts, Nicholas and Toniolo, Gianni, 1942- (2008) European economic growth, 1950-2005: an overview. Discussion Paper. London: Centre for Economic Policy Research (Great Britain). (Discussion paper (Centre for Economic Policy Research (Great Britain))).

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Abstract

This paper surveys the extensive literature on European economic growth since 1950. It presents an overview of comparative growth performance together with benchmarked growth accounting estimates. The growth experience is considered in terms of three periods, the Golden Age of 1950-73, the Growth Slowdown of 1973-1995, and the New Economy period since the mid-1990s, both across countries and across regions. The key conclusion is that study of the historical record underlines the importance of incentive structures for growth outcomes while sustaining growth performance over the long run requires the (often difficult) adaptation of institutions and policies as catch up becomes more complete and new technological epochs arrive.

Item Type:	Working or Discussion Paper (Discussion Paper)
Subjects:	H Social Sciences > HC Economic History and Conditions D History General and Old World > D History (General) > D901 Europe (General)
Divisions:	Faculty of Social Sciences > Economics
Library of Congress Subject Headings (LCSH):	Economic development -- Europe, Economic policy -- Europe, Europe -- History -- 1945-, Europe -- Economic conditions -- 1945-
Series Name:	Discussion paper (Centre for Economic Policy Research (Great Britain))
Publisher:	Centre for Economic Policy Research (Great Britain)
Place of Publication:	London
Date:	June 2008
Number:	No.686
Number of Pages:	60
Status:	Not Peer Reviewed
Access rights to Published version:	Open Access
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URI:	http://wrap.warwick.ac.uk/id/eprint/1671

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