Economic Growth In The United States

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Term Paper Title	Economic Growth In The United States
# of Words	542
# of Pages (250 words per page double spaced)	2.17

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 standards.
On another note, there are many benefits that go along with the economic expansion we are experiencing.  The current economic expansion has commonly been referred to by economists as "The 1990’s Economic Boom", because the current gro...

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