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Ghost Factories of Greece in Pictures

Geoff Riley

23rd May 2015

This photo stream from a journalist at Reuters illustrates in a striking way the damage that a persistent depression can have on the physical capital of a modern economy. Economists have a term for this - hysteresis - and a quick flick through this montage of images of abandoned factories reveals much about the long term scarring effects of an economy whose trend growth rate has collapsed.

Geoff Riley

Geoff Riley FRSA has been teaching Economics for over thirty years. He has over twenty years experience as Head of Economics at leading schools. He writes extensively and is a contributor and presenter on CPD conferences in the UK and overseas.

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