During the past 200 years, most countries have entered a period of modern economic growth-consistent increases in output, input, and productivity per worker that were rare in previous centuries. Even so, a few regions of the world have experienced stagnant or falling living standards in recent...

As the current expansion nears its eighth anniversary, it becomes tempting to wonder whether the second-longest expansion in U.S. economic history is nearing an end. The only U.S expansion to last longer was a nearly nine-year expansion that occurred during the Vietnam War. Thus, the current...

The concept of a new Industrial Revolution has recently become of great interest to general economists of all persuasions. For example, the New Growth Theory has placed renewed emphasis on the importance of technological change in modern economic growth, and a number of authors have suggested...