The Past and Future of America’s Economy focuses on how periodic cycles of technological and economic change have fundamentally reordered the way we work, the organization of business and markets, and the role of government. It examines this process of change over the past 150 years and explores the responses of people and institutions. The book then analyzes today’s New Economy, including the new information technology system, and effects on markets, organizations, workers, and governance. Taking into account the historical record, the book discusses the shortcomings of prevailing liberal and conservative economic doctrines and lays out a new growth economics agenda aimed at maximizing the productivity and innovation-enhancing forces of the New Economy.
Table of Contents
PART I : HOW TECHNOLOGY DRIVES ECONOMIC AND SOCIAL TRANSFORMATIONS
1. Introduction: A New Economy?
Is the New Economy a Flash In the Pan? – The Course Of Productivity Growth – Since it is a New Economy, What Should We Do About it?
2. Technological, Economic and Social Transformation
Technology And Economic Cycles – The Process Of Transformation and Consolidation – Periods In American Economic History
3. Economic Transformations From the 1840s To The 1990s
The Factory-Based Industrial Economy: the Early 1890s to the Early 1940s – The Corporate, Mass Production Economy: the Mid-1940s to the Mid-1970s – The Calm Before the Storm: the Triumph of the System At the End Of the 1960s – The Turbulent Transition to the New Economy: 1974 to 1994
4. Today’s Entrepreneurial, Knowledge-Based Economy
The New Technology System – Industrial And Occupational Change – The Rise Of Globalization – The New Organizational and Market Environment – Social, Political and Spatial Changes
5. The Key To Productivity Revival
The Productivity Boom Of the Old Economy – The Great Productivity Slowdown – The Productivity Paradox: “We See Computers Everywhere but in the Productivity Statistics” – Why Did Productivity Go Up In the 1990s? – IT’s Role in Driving Productivity Growth – The Contours Of the Emerging Digital Economy – Why Is Digital Transformation Taking So Long? – Sources Of Productivity Growth In the Next Economy
6. The New Economy And Its Discontents
Opposition To Past Transformations – Today’s Opponents To Growth and Change – The Politics Of Progress: Modernizers Vs. Preservationists
PART II MODERNIZING PUBLIC POLICIES FOR THE NEW ECONOMY
7. Legacy Economic Policy Frameworks
The Old Economy Policy System – The Liberal Faith In New Deal Economics – The Supply-Side Sidetra