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Regional economic resilience, hysteresis and recessionary shocks

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Abstract

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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  • Ron Martin, 2012. "Regional economic resilience, hysteresis and recessionary shocks," Journal of Economic Geography, Oxford University Press, vol. 12(1), pages 1-32, January.
  • Handle: RePEc:oup:jecgeo:v:12:y:2012:i:1:p:1-32
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    File URL: http://hdl.handle.net/10.1093/jeg/lbr019
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    1. 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.
    2. Ron Martin, 1997. "Regional Unemployment Disparities and their Dynamics," Regional Studies, Taylor & Francis Journals, vol. 31(3), pages 237-252.
    3. Valerie Cerra & Sweta Chaman Saxena, 2008. "Growth Dynamics: The Myth of Economic Recovery," American Economic Review, American Economic Association, vol. 98(1), pages 439-457, March.
    4. 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.
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    JEL classification:

    • E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
    • R0 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General
    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General
    • R11 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - Regional Economic Activity: Growth, Development, Environmental Issues, and Changes

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