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.
|Date of creation:||Dec 2010|
|Date of revision:||Dec 2010|
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- 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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- Valerie Cerra & Sweta C. Saxena, 2005. "Growth Dynamics: The Myth of Economic Recovery," Macroeconomics 0508008, EconWPA.
- Valerie Cerra & Sweta Chaman Saxena, 2007. "Growth dynamics: the myth of economic recovery," BIS Working Papers 226, Bank for International Settlements.
- 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. Full references (including those not matched with items on IDEAS)
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