A Guided Tour of the United States Economy: Promises Among the Perils

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Greenwood Publishing Group, 2002 - Business & Economics - 342 pages

If the past is really prologue, as Whalen maintains, the spectacular growth of the U.S. economy over the last 40 years augurs well for continued prosperity over the next 40 years. Whalen investigates the U.S. economy and the trends and events that created an economic output in 1999 that was 2.5 times greater than what it was in 1959. He shows how economic data are gathered, compiled, analyzed, and reported, and he illustrates what national income and output statistics really mean and how they are constructed. Whalen then looks to the future and finds more promise than peril, documenting his reasons authoritatively and convincingly. A fascinating explication of how the U.S. economy works for well-informed readers, this work will be an important resource for students, scholars, and practitioners throughout the public and private sectors.

Despite the many challenges along the way, the U.S. economy has performed with spectacular success. Whalen covers the major events that impacted and continue to shape its performance, including:

- Medicare in the 1960s

- OPEC and the oil embargo of the 1970s

- Reagonomics in the 1980s

- the stock market boom of the 1990s

- the rise of women in the labor market

- changes in sources and uses of personal income

- growth of the service sector

- the greater reliance on personal income taxes to finance government expenditures

- the drop in the rate and amount of personal saving

He uses economic analysis to show how those and other developments affect the economy. Taking a look at the future including the impact of the Government's social insurance programs and their deficits, Whalen projects what the national economy will look like in 2040. Does he foresee disaster? No, and readers will find the reasoning he uses to reach that conclusion both enlightening and fascinating.

 

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Contents

The Journey Begins
1
Getting Personal
21
Where the Money Goes
43
Personal Income in Space and Time
67
Personal Spending over Time
97
The Sector We Love to HatePart I
131
The Sector We Love to HatePart II
157
Us and Them
191
Getting Down to Business
219
Bringing the Sectors Together
253
A Glance Behind
285
A Look Ahead
303
Selected Bibliography
323
Index
329
Copyright

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Page 3 - By preferring the support of domestic to that of foreign industry, he intends only his own security ; and by directing that industry in such a manner as its produce may be of the greatest value, he intends only his own gain, and he is in this, as in many other cases, led by an invisible hand...
Page 3 - ... led by an invisible hand to promote an end which was no part of his intention.
Page 2 - In every government on earth is some trace of human weakness, some germ of corruption and degeneracy, which cunning will discover, and wickedness insensibly open, cultivate and improve. Every government degenerates when trusted to the rulers of the people alone. The people themselves therefore are its only safe depositories. And to render even them safe, their minds must be improved to a certain degree.

About the author (2002)

EDWARD L. WHALEN holds a doctorate in economics from Princeton University and served most of his career as a faculty member in the economics department of Indiana University and as the University's Director of Budgeting. More recent assignments include appointments as chief financial officer at the University of Houston System, interim vice president of administration, and finance at Clarke College and consultant to the National Association of College and University Business Officers. He also has served as an economic consultant to the Agency for International Development and the U.S. Office of Management and Budget. Now Retired, Dr. Whalen is author of one previous book, co-editor of another, and has contributed articles to journals in his field.

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