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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.

Suggested Citation

  • Ron Martin, 2010. "Regional Economic Resilience, Hysteresis and Recessionary Shocks," Papers in Evolutionary Economic Geography (PEEG) 1018, Utrecht University, Department of Human Geography and Spatial Planning, Group Economic Geography, revised Dec 2010.
  • Handle: RePEc:egu:wpaper:1018
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    References listed on IDEAS

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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. 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.
    3. Ron Martin, 1997. "Regional Unemployment Disparities and their Dynamics," Regional Studies, Taylor & Francis Journals, vol. 31(3), pages 237-252.
    4. Chad R. Wilkerson, 2009. "Recession and recovery across the nation: lessons from history," Economic Review, Federal Reserve Bank of Kansas City, vol. 94(Q II), pages 5-24.
    5. 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(2), pages 221-262, May.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    Regional economic growth; Recessionary shocks; Resilience Hysteresis;
    All these keywords.

    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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