Economic growth: a different view
Abstract
We look at how the United States has achieved economic growth. Growth is driven by demand for innovative products, this demand creating new, rapidly growing industries. These growth industries and their supporting industries account for a relatively small part, perhaps only 10%, of the economy. Established industries, which make up most of the economy, grow at just a moderate rate, with demand for their products reflecting growth in incomes and population. When a leading industry saturates its market, its growth slows. Continuing economic growth then depends on new growth industries emerging. Increasing production is essential for economic ...
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