European Economic Growth, 1950-2005: An Overview

Nicholas Crafts () and Gianni Toniolo ()

No 6863, CEPR Discussion Papers from C.E.P.R. Discussion Papers

Abstract: This paper surveys the extensive literature on European economic growth since 1950. It presents an overview of comparative growth performance together with benchmarked growth accounting estimates. The growth experience is considered in terms of three periods, the Golden Age of 1950-73, the Growth Slowdown of 1973-1995, and the New Economy period since the mid-1990s, both across countries and across regions. The key conclusion is that study of the historical record underlines the importance of incentive structures for growth outcomes while sustaining growth performance over the long run requires the (often difficult) adaptation of institutions and policies as catch up becomes more complete and new technological epochs arrive.

Keywords: catch-up growth; Golden Age; ICT; slowdown; total factor productivity (search for similar items in EconPapers)
JEL-codes: N14 O47 O52 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-cba, nep-eec, nep-eff and nep-his
Date: Written 2008-06

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