The 21st Century Economy The 21st Century Economy in the United States can be characterized as a very prosperous economy. The article ?The 21st Century Economy.? In Business Week describes how the 90?s are no fluke. This decade has turned out to be a decade of unexpected prosperity.
When the United States came out of World War II, United States productivity growth was at high levels. Then in the 1970?s it dropped mysteriously. This low productivity growth continued to the middle of the 1990?s and was thought to continue this way. Suddenly in 1995 productivity gains started to rise to overwhelming heights. In long run economics, productivity growth is the most important.
This determines the path of income per capita, which effects out living standards. 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 productivity, growth, united, states, out, economy, economic, jobs, expansion, according, million, labor, every, economists, decade, current, created, century, business, 21st, 1995, 1990?s, world, worked, there, welfare, week, way, war, wage, very, unexpected, two, turned, top, three, thought, third, suddenly, statistics, started, standards, single, same, salaries, run, roles, robert, rise, reserve, reports