Chapter

The United States: Consumer Is King

William W. Lewis

in The Power of Productivity

Published by University of Chicago Press

Published in print April 2004 | ISBN: 9780226476766
Published online February 2013 | e-ISBN: 9780226477008 | DOI: http://dx.doi.org/10.7208/chicago/9780226477008.003.0004
The United States: Consumer Is King

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This chapter presents an analysis of the U.S. economy. In 1990 the conventional wisdom around the world was that the U.S. economy had seen its day. That point of view was wrong. In the second half of the 1990s, productivity growth rates accelerated in the United States to almost twice the level seen for the previous twenty-five years. The conventional wisdom became that the United States had a “new economy,” unlike anything seen before. This point of view was made official in President Clinton's last Economic Report of the President, of January 2001. This point of view was also wrong.

Keywords: United States economy; new economy; productivity growth

Chapter.  9982 words.  Illustrated.

Subjects: Economic Development and Growth

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