Why does the economy grow

Author: Jeff Madrick
Publisher:
Publish Date: 2003-08-01
Features:
● This book is a cutting-edge work in economics;
● Author Jeff Madrick was a financial editor at Business Week and a news commentator for NBC. He is currently a monthly columnist for The New York Times in the "Economic Facts" section and a prolific reviewer for The New York Review of Books;
● The author organically combines rational thinking, fundamental economic theories, and a deep understanding of economic history. With unique insight, he keenly recognizes the interplay between society, law, technological progress, cultural development, and what he calls economic growth;
● Using challenging and insightful economic analysis, he once again challenges traditional thinking and elaborates on the essential elements and methods necessary for the United States to recreate the widely shared economic prosperity;
● This book offers a fresh perspective on the current evolving economic world, making it suitable for readers of all kinds, particularly those involved in economics, government officials, and policymakers seeking to understand and formulate economic policies. The past two years have been turbulent for the U.S. economy, which once soared but now struggles. The burst of the internet bubble, the loss of trillions in stock market value, a crisis of trust in corporate management, and the overall sluggish growth rate have prompted people to revisit a question that seemed to have long been answered: What are the sources of economic growth? How can we rebuild prosperity?
In this book, Jeff Madrick, a New York Times columnist, reexamines the prosperity of the late 1990s in the U.S. economy from a historical and institutional perspective. He argues that technological factors are not as decisive as people imagine, while market size and information dissemination are the primary drivers of economic growth—the true source of prosperity.