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The United States: Consumer Is King

The United States: Consumer Is King

Chapter:
(p.80) Chapter Four The United States: Consumer Is King
Source:
The Power of Productivity
Author(s):
William W. Lewis
Publisher:
University of Chicago Press
DOI:10.7208/chicago/9780226477008.003.0004

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

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