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Is slow economic growth the ‘new normal’ for Europe?
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Crafts, N. F. R. (2017) Is slow economic growth the ‘new normal’ for Europe? Atlantic Economic Journal, 45 (3). pp. 283-297. doi:10.1007/s11293-017-9551-9 ISSN 0197-4254.
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Official URL: http://dx.doi.org/10.1007/s11293-017-9551-9
Abstract
This paper considers future European growth prospects in the light of a new productivity paradox, namely, the co-existence of a productivity slowdown and exciting new technologies. Several potential explanations are reviewed. It is argued that while some are unpersuasive it is too soon to be sure which carry the most weight. This has the implication that while the slowdown is real, it is not necessarily permanent. A key, hotly disputed issue is the future economic impact of technological progress on which forecasts differ dramatically. Supply-side reform could have a strong positive effect, but this is not likely to happen.
Item Type: | Journal Article | ||||||||
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Subjects: | H Social Sciences > HD Industries. Land use. Labor | ||||||||
Divisions: | Faculty of Social Sciences > Economics | ||||||||
Library of Congress Subject Headings (LCSH): | Economic development -- Effect of technological innovations on -- Europe, Industrial productivity -- Effect of technological innovations on -- Europe, Supply-side economics -- Europe | ||||||||
Journal or Publication Title: | Atlantic Economic Journal | ||||||||
Publisher: | International Atlantic Economic Society | ||||||||
ISSN: | 0197-4254 | ||||||||
Official Date: | September 2017 | ||||||||
Dates: |
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Volume: | 45 | ||||||||
Number: | 3 | ||||||||
Page Range: | pp. 283-297 | ||||||||
DOI: | 10.1007/s11293-017-9551-9 | ||||||||
Status: | Peer Reviewed | ||||||||
Publication Status: | Published | ||||||||
Access rights to Published version: | Restricted or Subscription Access | ||||||||
Date of first compliant deposit: | 12 January 2018 | ||||||||
Date of first compliant Open Access: | 10 August 2018 |
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