Abstract
The de-industrialisation of America, the economy in transition, the loss of American competitiveness, and many other popular phrases have become commonplace. Perhaps the earliest massive statement was provided by Business Week’s cover story on de-industrialisation in 1980. It was sensational, as were so many of the subsequent pronouncements on the subject. We should not be surprised at the changes in industrial composition of the economy during the past several years. There was adequate warning and a thrashing out of the problems.
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Notes
Janet L. Norwood, ’Statement before the Joint Economic Committee of the United States Congress’, November 7, 1986, Washington, D.C.
For his initial conception of the importance of the wage share see S. Weintraub, A General Theory of the Price Level, Output, Income Distribution, and Economic Growth (Philadelphia: Chilton, 1959)
L. R. Klein and R. F. Kosobud, ’Some Econometrics of Growth: Great Ratios of Economics’, Quarterly Journal of Economics LXXV (1961), 173–98.
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© 1989 J. A. Kregel
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Klein, L.R. (1989). The Restructuring of the American Economy. In: Kregel, J.A. (eds) Inflation and Income Distribution in Capitalist Crisis. Palgrave Macmillan, London. https://doi.org/10.1007/978-1-349-08833-1_3
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DOI: https://doi.org/10.1007/978-1-349-08833-1_3
Publisher Name: Palgrave Macmillan, London
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