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European Economic Growth, 1950-2005: An Overview

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Author Info
Crafts, Nicholas
Toniolo, Gianni

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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.

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Paper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 6863.

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Date of creation: Jun 2008
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Handle: RePEc:cpr:ceprdp:6863

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Related research
Keywords: catch-up growth; Golden Age; ICT; slowdown; total factor productivity;

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Find related papers by JEL classification:
N14 - Economic History - - Macroeconomics and Monetary Economics; Growth and Fluctuations - - - Europe: 1913-
O47 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - Measurement of Economic Growth; Aggregate Productivity; Cross-Country Output Convergence
O52 - Economic Development, Technological Change, and Growth - - Economywide Country Studies - - - Europe

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