Essay on Economic Growth In The United States

This essay has a total of 543 words and 3 pages.

Economic Growth In The United States

Economic Growth
in the
United States
Economic growth can be defined as increases in per capita real GDP (gross domestic
product) measured by its rate of change per year. Growth rates are very important because
even a small change can make vast difference in the coming years. The knowledge of
economic growth is also important because it can provide the means to allow us to gain
valuable insights. According to Robert D. McTeer, president and chief executive officer of
the Federal Reserve Bank of Dallas, two factors determine the rate of economic growth:
productivity increases (more output for the same amount of inputs), and labor (the number
of hours worked).

Productivity in the United States, due to new innovations (that are coming together after
years of investment), is growing to levels not seen since the 1960's. For example:
productivity growth has averaged 2.3 percent from 1996 to 1999, doubling the 1.1 percent
average productivity growth from 1973 to 1995. At a rate of two percent from 1996 to 1999,
labor has also increased, as unemployment fell and welfare recipients have gone to work.
The economy has been growing at a rate of about 4.5 percent each year, due to this.

However, the increase in the workforce , or hours worked, limits labor growth. Again,
according to McTeer, in the long run, productivity growth is the key to rising living
Continues for 2 more pages >>




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