Introduction to Economic Growth

Abstract

This chapter looks at the long-run growth of the US economy. It discusses the difference between the Golden Age of growth and what they call Global Age for long-term trends in the United States economy; and the role of savings and investment in the growth of capitalist economies. The chapter also discusses the role of technology and productivity on growth in economies; classical policies for growth; progressive policies for growth; and problems associated with growth in the United States. Classical economists believe the wealthy and the big corporations need more money in order to make more investments in growth of buildings and equipment as well as innovations for higher productivity of capital and labor. Progressive economists emphasize that growing aggregate demand for goods and services is also necessary for economic growth, so there must be both increases in wages and salaries and public works to employ additional millions of people.

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