Growth mechanism and profitability of the U.S. economy
A human-centered approach
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The author analyzes the growth mechanism and profitability of the economy of the United States, which, being the main country of modern capitalism and the most powerful imperialist power after World War II, had a determining influence on the main trends in the development of the world capitalist system in the period under consideration, 1950-2020. A general model based on the Caldorian approach to technological progress was used to study economic growth. It takes into account both physical and human capital, as well as time as an event space of creative economic activity. On its basis it is po...
The author analyzes the growth mechanism and profitability of the economy of the United States, which, being the main country of modern capitalism and the most powerful imperialist power after World War II, had a determining influence on the main trends in the development of the world capitalist system in the period under consideration, 1950-2020. A general model based on the Caldorian approach to technological progress was used to study economic growth. It takes into account both physical and human capital, as well as time as an event space of creative economic activity. On its basis it is possible to compare the total factor efficiency with the world level. Gross profit formation in the most important industries is analyzed, as well as GDP growth, with a human-centered approach, taking into account such factors as fixed capital, personal consumption, R&D, number of employed persons and working time.
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