Economic Analysis of Resilience: A Framework for Local Policy Response Based on New Case Studies
Pierre Régibeau and Katharine Rockett
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Abstract: A recent set of case studies on resilience of ecocultures forms the basis for our review of and comment on the resilience literature. We note the diversity of definitions of resilience and the confusion this creates in implementing resilience studies and develop a synthesis view that establishes a framework for defining resilience in an implementable way. This framework emphasises the importance of defining the source of and magnitude of shocks as part of the definition. Next, we outline measurement issues, including a variety of performance measures that can be used to gauge resilience. We argue that self-determination and local ownership of resources is supported in the cases, and review the effectiveness of the informal insurance arrangements observed in the cases. We close with the variables suggested by the case studies to include in a resilience index and lessons for regional governments developing resilience policy.
About the authors: Pierre Régibeau is Visiting Professor at the Innovation & Entrepreneurship Group at Imperial College, London, and Academic Associate at Charles River Associates. Katharine Rockett is senior lecturer at the Department of Economics and was Dean (Social Sciences) between 2010 and 2011.