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La « contre-performance » de l'Europe continentale. Le lien entre institutions, dynamisme et prospérité économique

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  • Edmund S. Phelps
  • Éloi Laurent

Abstract

While most continental European economies have exhibit deceiving outcomes for two decades, it seems necessary ? and it reveals fruitful ? to elaborate an « institutional hypothesis » to understand this failure. Our central reasoning is the following : it is in the absence or the muffling of economic institutions able to generate « dynamism » that one must search for the explanation of the economic underperformance in continental Europe. After having carefully defined the idea of « economic performance » and the concept of « dynamism », we study in details the respective institutional advantages of the capitalist and corporatist systems, drawing on a number of theoretical approaches aimed at best identifying their strengths and weaknesses regarding the crucial issue of innovation process. Finally, we propose a first series of empirical tests for our theoretical intuition, that, while only preliminary, prove positive. JEL Codes : N23, N24, N13, N14, 031, 033, P17, P51.

Suggested Citation

  • Edmund S. Phelps & Éloi Laurent, 2005. "La « contre-performance » de l'Europe continentale. Le lien entre institutions, dynamisme et prospérité économique," Revue de l'OFCE, Presses de Sciences-Po, vol. 92(1), pages 9-41.
    • Handle: RePEc:cai:reofsp:reof_092_0009
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    More about this item

    JEL classification:

    • N23 - Economic History - - Financial Markets and Institutions - - - Europe: Pre-1913
    • N24 - Economic History - - Financial Markets and Institutions - - - Europe: 1913-
    • N13 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: Pre-1913
    • N14 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - Europe: 1913-
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems

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