Is The New Economy Wearing Out
In reviewing this article, an interesting view on the past economic boom was portrayed. Mr. Baker presents an idea that the ?boom? that we all thought we were in, was in fact, gradual growth that was no different than any in the past several decades. Many of us were under the impression that with technology powering our economy forward, the situation was nothing short of post WWII economic growth. However, upon further study, as suggested by the author, our economic ?boom? was more of a ?pop?
First, let us establish when the ?Boom? was, from the fourth quarter of 1995, to the same of 2000. What was it that powered this In the post war era, manufacturing was near peak capacity from wartime efforts in the U.S. Combine this with the war-ridden economies of the world looking to be rebuilt, and there is substantial opportunity available. Mr. Baker points out that this time was referred to as the postwar golden age for growth rate, which during this era, reached close to 3%.
In the late 1990?s, we had a rate of 2.8% growth rate, which has now been revised to 2.5%. This has been widely publicized that our technology has pushed
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