Regional economic resilience, hysteresis and recessionary shocks
The notion of 'resilience' has recently risen to prominence in several disciplines, and has also entered policy discourse. Yet the meaning and relevance of the concept are far from settled matters. This paper develops the idea of resilience and examines its usefulness as an aid to understanding the reaction of regional economies to major recessionary shocks. But in so doing, it is also argued that the notion of resilience can usefully be combined with that of hysteresis in order to more fully capture the possible reactions of regional economies to major recessions. These ideas are then used as the basis for a preliminary empirical analysis of the UK regions.
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Volume (Year): 12 (2012)
Issue (Month): 1 (January)
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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Sweta Chaman Saxena & Valerie Cerra, 2005.
"Growth Dynamics; The Myth of Economic Recovery,"
IMF Working Papers
05/147, International Monetary Fund.
- Ron Martin, 1997. "Regional Unemployment Disparities and their Dynamics," Regional Studies, Taylor & Francis Journals, vol. 31(3), pages 237-252.
- Hanley, Nick, 1998. "Resilience in social and economic systems: a concept that fails the cost benefit test?," Environment and Development Economics, Cambridge University Press, vol. 3(02), pages 221-262, May.
- Setterfield, Mark, 1998. "History versus Equilibrium: Nicholas Kaldor on Historical Time and Economic Theory," Cambridge Journal of Economics, Oxford University Press, vol. 22(5), pages 521-537, September.
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