The Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth

Front Cover
Bloomsbury Academic, Oct 30, 1999 - Business & Economics - 320 pages

While the decline of U.S. economic growth has been widely recognized and debated by professional economists, no one has until now offered a comprehensive description and explanation. Professor Bjork does so, and he explains the growth slowdown as a natural consequence of economic maturity.

In addition, Bjork explains how productivity growth occurs within industries and the economy as a whole and how accounting conventions fail to account for growth in expanding sectors of the economy such as services and government. He quantifies the effects of structural change in slowing the rate of growth, and he demonstrates why taxes and transfer payments for the education of the young and the maintenance and health care of the retired population necessarily increase with economic growth and maturity. This is an important synthesis for professional economists and policy makers as well as students and the concerned public.

From inside the book

 

Contents

The Way It Worked and Why It Wont
1
Explanation and Description of Economic Growth and Structural Change
19
The Quantitative Record of U S Economic Growth
63
Copyright

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Common terms and phrases

age cohort aggregate agricultural American Appendix Note Appendix Table assets average baby boom benefits capacity capita income capital costs capital formation capital stock chapter computers concepts consumer consumption decade ending deceleration decennial decline decrease demographic depends depreciation determinants economic growth economists educational costs educational expenditures employees employment enrollment estimates explain factors firms gross Growth Accounting growth in output growth rates HCIR higher historical human capital important industry inputs intergenerational transfers Intra-Sectoral Growth investment knowledge capital labor force manufacturing Medicare national income opportunity cost output per worker output/capital participation rate past century percent period physical capital potential potential output productivity growth purchase quantity rate of growth rate of return reduce result retired population service sector shift slowdown Social Security specialization SSTF structural change tax rate teachers technological change Text Graph Text Table transactions costs unit utilization value added wages worker hour working-age population

About the author (1999)

GORDON C. BJORK is Jonathon B. Lovelace Professor of Economics, Claremont McKenna College and the Peter F. Drucker School of Management, The Claremont Graduate School./e A former college president as well as consultant for various corporations and banking associations, Professor Bjork is the author of three earlier books on macroeconomic issues.

Bibliographic information

TitleThe Way It Worked and Why It Won't: Structural Change and the Slowdown of U.S. Economic Growth
AuthorGordon C. Bjork
Editionillustrated
PublisherBloomsbury Academic, 1999
ISBN0275965317, 9780275965310
Length320 pages
Subjects ›  › 

Business & Economics / Economics / General
Business & Economics / General
  
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