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La « contre-performance » de l'Europe continentale. Le lien entre institutions, dynamisme et prospérité économique

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  • Edmund S. Phelps
  • Éloi Laurent

Abstract

While most continental European economies have exhibit deceiving outcomes for two decades, it seems necessary ? and it reveals fruitful ? to elaborate an « institutional hypothesis » to understand this failure. Our central reasoning is the following : it is in the absence or the muffling of economic institutions able to generate « dynamism » that one must search for the explanation of the economic underperformance in continental Europe. After having carefully defined the idea of « economic performance » and the concept of « dynamism », we study in details the respective institutional advantages of the capitalist and corporatist systems, drawing on a number of theoretical approaches aimed at best identifying their strengths and weaknesses regarding the crucial issue of innovation process. Finally, we propose a first series of empirical tests for our theoretical intuition, that, while only preliminary, prove positive. JEL Codes : N23, N24, N13, N14, 031, 033, P17, P51.

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Bibliographic Info

Article provided by Presses de Sciences-Po in its journal Revue de l'OFCE.

Volume (Year): 92 (2005)
Issue (Month): 1 ()
Pages: 9-41

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Handle: RePEc:cai:reofsp:reof_092_0009

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  1. Fitoussi, J-P & Jestaz, D. & Phelps, E.S. & Zoega, G., 2000. "Roots of the Recent Recoveries : Labor Reforms or Private-Sector Forces ?," Documents de Travail de l'OFCE 2000-04, Observatoire Francais des Conjonctures Economiques (OFCE).
  2. Roe, Mark J, 2002. "Corporate Law's Limits," The Journal of Legal Studies, University of Chicago Press, vol. 31(2), pages 233-71, June.
  3. Martin Neil Baily & Robert M. Solow, 2001. "International Productivity Comparisons Built from the Firm Level," Journal of Economic Perspectives, American Economic Association, vol. 15(3), pages 151-172, Summer.
  4. Hoon, Hian Teck & Phelps, Edmund S., 1997. "Growth, wealth and the natural rate: Is Europe's jobs crisis a growth crisis?," European Economic Review, Elsevier, vol. 41(3-5), pages 549-557, April.
  5. David H. Papell & Christian J. Murray & Hala Ghiblawi, 2000. "The Structure of Unemployment," The Review of Economics and Statistics, MIT Press, vol. 82(2), pages 309-315, May.
  6. Phelps, Edmund S & Zoega, Gylfi, 1998. "Natural-Rate Theory and OECD Unemployment," Economic Journal, Royal Economic Society, vol. 108(448), pages 782-801, May.
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