The Deterioration of Reproduction Conditions in the U.S. Economy

V. S. Vasiliev ()

Outlines of global transformations: politics, economics, law, 2018, vol. 11, issue 2

Abstract: In the article the reasons for the deceleration of the average annual rates of economic growth of the United States are analyzed. The rates declined in one and the half decade of the XXI century twice in comparison with the last three decades of the twentieth century. Leading American economists and analysts associated the main cause of the slowdown in economic growth with a double drop in the rate of total factor productivity (TFP). This indicator reflects the synergistic effects of the interaction of physical and human capitals in the production process. The gradual decrease in the synergetic value of the interaction of labor and capital in the US economy, other things being equal, also means a decrease in the contribution of sinergetic factor to the rates of economic growth and a greater priority in the state socio-economic policy of the capital factor in economic development. In turn, the increasing role of capital in the economic development of the US turns around with a sharp increase in inequality in income distribution among different social strata of American society, resulting in the bulk of the increase in economic production to primarily 20% of the wealthiest layers of American society. The growth of injustice in the distribution of goods and services in recent decades in the United States was due to the lack of purposeful state policy of the income redistribution. me. The absence of such a policy  stemmed from a growing crisis of most components of the reproductive logistics of the American economy. In the end, general conclusion is that the trend towards long-term decline in economic growth will continue in the future because the US will be forced to invest trillions of dollars for infrastructure modernization in the economy, which will not bring back quick economic returns in the short and possibly medium term.

Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://www.ogt-journal.com/jour/article/viewFile/333/334 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:ccs:journl:y:2018:id:333

DOI: 10.23932/2542-0240-2018-11-2-133-150

Access Statistics for this article

More articles in Outlines of global transformations: politics, economics, law from Center for Crisis Society Studies
Bibliographic data for series maintained by Кривопалов Ð Ð»ÐµÐºÑ ÐµÐ¹ Ð Ð»ÐµÐºÑ ÐµÐµÐ²Ð¸Ñ‡ ().