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Economic Growth US Economic growth can be defined as increases in per capita real GDP gross domestic product measured by its rate of change per year Growth rates are very important because even a small change can make vast difference in the coming years The knowledge of economic growth is also important because it can provide the means to allow us to gain valuable insights 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 same amount of inputs and labor the number of hours worked Productivity in the United States due to new innovations that are coming together after years of investment is growing to levels not seen since the 1960s For example productivity growth has averaged 23 percent from 1996 to 1999 doubling the 11 percent average productivity growth from 1973 to 1995 At a rate of two percent from 1996 t o 1999 labor has also increased as unemployment fell and welfare recipients have gone to work The economy has been growing at a rate of about 45 percent each year due to this However the increase in the workforce or hours worked limits labor growth Again according to McTeer in the long run productivity growth is the key to rising living standards On another note there are many benefits that go along with the economic expansion we are experiencing The current economic expansion has commonly been referred to by economists as The 1990s Economic Boom because the current growth of the US economy is the longest ever in peacetime Economists observe that this expansion has benefited nearly every American According to the reports of the Bureau of Labor Statistics more than three out of every four jobs created from 1989 to 1995 were highly-paid professionals and managerial positions The Council
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