01 Feb 2005

Economic Values and Dynamism in the EU Economy

Stefano Micossi

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This paper addresses economic values and dynamism in the context of general European values. More precisely, it discusses how the lack of dynamism in parts of the European economy is not explained, in the main, by a lack of technology or capital or natural endowment; it is not even explained by big government, high taxation and strong social protection per se. Rather, the main explanation is to be found in the way certain economic institutions influence or reflect our culture and our attitudes vis-à-vis change and risk-taking.