Growth of the Modern American Economy

Growth of the Modern American Economy

Growth of the Modern American Economy

Growth of the Modern American Economy

Excerpt

I have written this book in an effort to distill many of the recent findings of American economic historians into language that can be understood by all. The book is nontechnical in nature and intended for undergraduates in history and economics. Nevertheless, I hope that graduate students in these and other social sciences, and a general reading audience that is increasingly debating the benefits and costs of economic growth, will also find it of interest. It is of course a very brief book, one that is synoptic rather than detailed.

Economic growth is usually defined as a sustained increase in real output percapita -- an increase that results from rising inputs of the productive factors of land, labor, and capital, and of growth in the efficiency with which they are used. In this book I concentrate on the main sources of efficiency and on . . .

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