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Economics The Past Present and Future of Growth in the United States At this point at the end of the century we are riding an extended period of economic growth in the United States and our standard of living is at one of the highest points in history Although this period is due to come to an end soon with a dip in the stock market and some degree of a recession the cycle will repeat itself and the long-term outlook is very positive as it has always been in the US This positive outlook can be attributed to a variety of factors but is mostly the result of increased competition increases in productivity and advancements in technology Actually these factors are tightly intertwined and directly impact each other Unless extraordinary events take place such as a loss of a major war the standard of living for my generation in the future will almost certainly exceed that of our parents just like our parents are better off then their parents First of all productivity is consistently increasing as a result of a combination of old and new methods Advancements in technology have obviously increased the output of production facilities and have eased the workload on employees The number of tough factory jobs has plummeted in the last half century due to advancements in computer automation and mechanical assistance These jobs have been replaced by less stressful jobs designing and assembling the equipment that now does those jobs Somewhat surprisingly old methods have also increased productivity Boeing has recently started to utilize an assembly line system to manufacture airplanes instead of building them from the ground up in one place as they have done for years It seems unusual for a hi-tech company to utilize a method pioneered almost a century ago by Henry Ford but this overlooked back to basics approach will be increasingly applied by business
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