Abstract
One of the disappointing features of the current expansion has been the sluggish growth of business investment spending. Businesses appear to be more reluctant to make outlays for purchases of new plant and equipment than was the case in previous periods of economic growth. Since the beginning of the current expansion in early 1975, investment expenditures have grown at a 9.4 percent annual rate, compared to an average 11.8 percent rate for comparable periods in the four previous recoveries.
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