Technology, Enterprise, and American Economic Growth

Abstract

The weakening of technology-based economic growth in the United States may be due to inflation and to fundamental characteristics of American society and not, as is often suggested, to low expenditures on research and development, too much regulation, or risk-averse corporate management. Accordingly, renewed economic growth will require constraining inflation, as well as private initiatives and public policies that reflect the nature of technological progress and of the American people.