The collapse of U.S. productivity growth since the late 1960s has
been the most severe and persistent of recent economic problems.
This volume reviews the extent of the growth slowdown, evaluates
several contributing factors, and suggests strategies for
improvement. The authors find that inflation, recessions, oil price
fluctuations, and other economic disruptions in the 1970s had an
averse effect on economic performance, but, they suggest, a slowing
in the pace of innovation and a failure to exploit the benefits of
innovation also contributed to the weakness in productivity.Baily
and Chakrabarti provide a comprehensive assessment of U.S.
technology policy and its importance to growth. They argue for
continued support of basic science, even though strength in this
area does not give the U.S. economy an immediate competitive
advantage, and advocate increased support for ""middle ground"" and
commercial research. They conclude that this support must be
structured to preserve the advantages of the market.
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