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

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.

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

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.

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

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