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Essay

Economic Growth In The United States

Essay specific features

 

Issue:

Social Issues

 

Written by:

Tom F

 

Date added:

November 4, 2013

 

Level:

University

 

Grade:

A

 

No of pages / words:

2 / 525

 

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10006 times

 

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Essay content:

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...
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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...
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