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

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

Synopses & Reviews

Publisher Comments:

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. _

Review:

Too little attention has been given to the slowdown of the rate of growth of the American economy over the last two decades. This innovative book is filled with valuable facts about this slowdown, and thoughtful and challenging arguments about its causes, drawn from longer-term historical experiences. Anyone concerned about the future of American economic growth will learn much from this study.Richard A. Easterlin Professor of Economics University of Southern California

Review:

"Professor Bjork's book is timely and timeless in addressing the key issue of growth in the U.S. economy. It provides valuable perspective on the problems and opportunities facing the U.S. economy as we move into the 21st century." - Peter Barker Limited Partner Goldman Sachs and Co.

Review:

"Too little attention has been given to the slowdown of the rate of growth of the American economy over the last two decades. This innovative book is filled with valuable facts about this slowdown, and thoughtful and challenging arguments about its causes, drawn from longer-term historical experiences. Anyone concerned about the future of American economic growth will learn much from this study." - Richard A. Easterlin Professor of Economics University of Southern California

Review:

Why has U.S. growth slowed down and will it accelerate again? These are big public policy questions from which many authors shy away. Gordon Bjork takes them on. The analysis is sophisticated, as one would expect for a complicated issue. The exposition is clear and lucid. This is an informed and informative book, easy to read and just as easy to reflect on.David Greenaway Professor of Economics and Pro-Vice-Chancellor University of Nottingham, Editor, Economic Journal

Review:

At last-an economists who understands the accounting conventions which determine the measurements of GDP and its rate of growth. Bjork not only understand them-he explains them clearly and succinctly and shows how they affect the measurement of growth, intertemporally and internationally.Marc Massoud, Robert A. Day Distinguished Professor Accounting The Claremont Colleges

Review:

The perfect guide for the perplexed.Peter F. Drucker Clarke Professor of the Social Sciences Claremont Graduate University

Synopsis:

Explains the slowdown of U.S. growth as a natural consequence of economic maturity.

Synopsis:

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 until now. Professor Bjork does so, and he explains the growth slowdown as a natural consequence of economic maturity.

Description:

Includes bibliographical references (p. [293]-295) and index.
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Table of Contents

Preface

The Argument: The Way It Worked and Why It Won't

Explanation and Description of Economic Growth and Structural Change

The Quantitative Record of U.S. Economic Growth

Understanding the Measurement of Economic Activity

Structural Change and the Slowdown of Productivity Growth

Structural Change and the Participation Rate

Transfers to the Elder Generation: Taxes and Saving

Transfers to the Younger Generation: Economic Growth and the Increasing Burden of Educational Costs

Explaining the Slowdown: Developing a Theory of the Mature Economy

Some Implications of the Slowdown in Economic Growth in the Mature Economy

Appendices

References

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Product Details

ISBN:
9780275965310
Subtitle:
Structural Change and the Slowdown of U.S. Economic Growth
Author:
Bjork, Gordon C.
Publisher:
Praeger Publishers
Location:
Westport, Conn. :
Subject:
United states
Subject:
U.S. Government
Subject:
Economic Policy
Subject:
Structural Adjustment
Subject:
Economics - Theory
Subject:
Economics - General
Subject:
Government - U.S. Government
Subject:
Public Policy - Economic Policy
Series Volume:
970
Publication Date:
19991030
Binding:
Hardback
Grade Level:
Professional and scholarly
Language:
English
Illustrations:
Yes
Pages:
320
Dimensions:
9.52x6.42x1.03 in. 1.33 lbs.
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