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Recent European Economic Growth: Why Can't it be Like the Gloden Age?

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  • Crafts, Nicholas

Abstract

This paper evaluates claims that European productivity growth has been undermined by weak competition and excessive regulation and taxation. The argument has some validity in the context of the information and communications technology (ICT) revolution which has placed a greater premium on flexibility. The UK has been well-placed to benefit from ICT but experiences a productivity gap reflecting historically-low investment combined with high employment of low-productivity workers. Rapid Irish growth has benefited greatly from low corporate taxation but the massive contribution of ICT production to productivity growth suggests it is a special case not a role model.

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  • Crafts, Nicholas, 2007. "Recent European Economic Growth: Why Can't it be Like the Gloden Age?," National Institute Economic Review, National Institute of Economic and Social Research, vol. 199, pages 69-81, January.
    • Handle: RePEc:cup:nierev:v:199:y:2007:i::p:69-81_8
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    Cited by:

    1. Kozlova, Olesia & de Jesus Noguera, Jose, 2018. "Achievers or slackers? Per capita income trends in European countries," Journal of Policy Modeling, Elsevier, vol. 40(6), pages 1332-1345.
    2. Crafts, Nicholas & Toniolo, Gianni, 2008. "European Economic Growth, 1950-2005: An Overview," CEPR Discussion Papers 6863, C.E.P.R. Discussion Papers.
    3. Nicholas Crafts & Marco Magnani, 2011. "The Golden Age and the Second Globalization in Italy," Quaderni di storia economica (Economic History Working Papers) 17, Bank of Italy, Economic Research and International Relations Area.
    4. Ray Barrell & Sylvia Gottschalk & Dawn Holland & Ehsan Khoman & Iana Liadze & Olga Pomerantz, 2008. "The impact of EMU on growth and employment," European Economy - Economic Papers 2008 - 2015 318, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.

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