Information Age | Information Technology Has Transformed the U.S. Economy

Over the last 8 years [from 1993 to 2000] the American economy has transformed itself so radically that many believe we have witnessed the creation of a New Economy. This [viewpoint] presents evidence of fundamental and unanticipated changes in economic trends that justify this claim. In the 1990s, after two decades of disappointing performance, the economy enjoyed one of its most prosperous periods ever. Strong and rising growth in real gross domestic product (GDP), declining and then very low unemployment, and a low, stable core inflation rate characterize the long expansion. Even...

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