Chapter

An Overview of the US Economy

Rohit

in It's Not Over

Published in print January 2013 | ISBN: 9780198088417
Published online January 2013 | e-ISBN: 9780199082292 | DOI: http://dx.doi.org/10.1093/acprof:oso/9780198088417.003.0007
An Overview of the US Economy

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In chapter 7, an overview of the US economy since the 1950s is presented to draw a comparative analysis between the pre- and post-mid 1970s periods. Accordingly, the overall period is divided broadly into two categories -- golden age (1950-73) and age of finance (1973 onwards) -- based on the changes in the policy orientation in the US economy. Stark contrast shows up in the value of different macroeconomic variables for these two periods, thereby, endorsing the view that there was a structural break. The growth rate, average levels of capacity utilization of the economy were significantly higher in the first period.

Keywords: golden age; age of finance; structural break; capacity utilization; growth rate

Chapter.  3326 words.  Illustrated.

Subjects: Macroeconomics and Monetary Economics

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