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Economic resilience is a major way to reduce losses from disasters. Its effectiveness would be further enhanced if it could be precisely defined and measured. This paper distinguishes static economic resilience—efficient allocation of existing resources—from dynamic economic resilience—speeding recovery through repair and reconstruction of the capital stock. Operational definitions are put forth that incorporate this important distinction. The consistency of the definitions is examined in relation to antecedents from several disciplines. The effectiveness of economic resilience is evaluated on the basis of recent empirical studies. In addition, its potential to be enhanced and eroded is analyzed in various contexts.