Black swans or creeping normalcy? – An attempt to a holistic crisis analysis
Olivér Kovács ()
Additional contact information
Olivér Kovács: University of Debrecen, Doctoral School of Economics, Budapest, Hungary
Eastern Journal of European Studies, 2013, vol. 4(1), 127-143
In this article we address the daunting challenge of current economic recovery by contributing to the better understanding of its secular feature. In so doing we devote special attention to the secular decline in innovativeness by raising three interlinked and interrelated explanatory phenomena: (i) lowering productivity in the new techno-economic paradigm; (ii) the effect of the different degree of employment protection; and (iii) the issue of pent up disruptive innovations. We argue that these phenomena are not black swans; however, they have been developing in commonly unnoticed increments by manifesting the so-called ‘creeping normalcy’ and being endogenous to the market system. The paper draws lessons to be learned for the Central and Eastern European Member States as well.
Keywords: crisis; productivity; innovation; secular deterioration; Europe; Central and Eastern Europe (search for similar items in EconPapers)
References: View references in EconPapers View complete reference list from CitEc
Citations Track citations by RSS feed
Downloads: (external link)
This item may be available elsewhere in EconPapers: Search for items with the same title.
Export reference: BibTeX
RIS (EndNote, ProCite, RefMan)
Persistent link: https://EconPapers.repec.org/RePEc:jes:journl:y:2013:v:4:p:127-143
Access Statistics for this article
More articles in Eastern Journal of European Studies from Centre for European Studies, Alexandru Ioan Cuza University Contact information at EDIRC.
Series data maintained by Alupului Ciprian ().