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

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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
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:	Date Event September 2017 Published 10 August 2017 Available 1 April 2017 Accepted
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

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