University Press of America, Incorporated, 1995 - Business & Economics - 197 pages
In Economic Doldrums, Robert McGillivray reviews U.S. economic trends over the period since World War II. A comparison is made between the period before 1973 and the years since, with interesting findings. Since 1973, the standard of living in the United States has been stagnant. McGillivray concludes that very low private and public investment are major causes of the slow growth in real per capita income and the steady decline in real earnings per worker experienced recently. Public policy is the main thread of the work, which is concerned with the effects of differing tax, spending, monetary, and other governmental policies. The book relies, however, on an analysis of business investment as the major stimulus to income generation. Economic revitalization through policies structured to provide investment and other income growth-inducing incentives is suggested. Housing, a private asset which produces both consumption services and returns to investment, is treated in most depth in a separate chapter. Contents: Dedication; Economic Stagnation; Introduction; Personal Income and Consumption; Private Investment and Wealth; Government Policy; Public Finance; Housing; Summary; Appendixes; Bibliography; Index.
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average bank benefits business investment capital gains chapter component consumer consumer debt corporate income tax costs declined depreciation disposable income disposable personal income durable economic effect employment environmental especially excise taxes federal deficit federal government Federal Reserve Board fiscal fixed investment funds government transfers grew gross higher household housing investment housing prices important incentives income growth increased inflationary infrastructure interest income investors labor land loans major mortgage noncorporate nonresidential structures overall owner-occupied housing payments percent in 1991 percent of disposable personal consumption expenditures personal income tax population postwar period production property tax purchases real interest rates real per capita recent recession regulation relatively rental residential sales taxes sector share of disposable shelter inflation social insurance Social Security spending stable standard of living structures and equipment structures investment substantially suggests tangible assets taxable taxation trends wealth worth