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The US Economic Model at Y2K: Lodestar for Advanced Capitalism?

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  • Richard B. Freeman

Abstract

The 1990s economic performance of the US suggests that the country may have the right mix of institutions and policies to be the peak capitalist economy in the new information economy. This paper develops criterion for judging peak status and examines whether the US fulfills these criterion. The US's employment and productivity performance make it a legitimate candidate for peak, but the record in distribution does not. As the late 1990s boom raised the wages of low skill workers, continued full employment will greatly strengthen the case for the US as peak economy. But with anything less than full employment the US economy will lose its luster. Even if this occurs, however, the US record in employing women and extending ownership to many workers deserves attention.

Suggested Citation

  • Richard B. Freeman, 2000. "The US Economic Model at Y2K: Lodestar for Advanced Capitalism?," NBER Working Papers 7757, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberwo:7757 Note: LS
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    1. David Card & Francis Kramarz & Thomas Lemieux, 1999. "Changes in the Relative Structure of Wages and Employment: A Comparison of the United States, Canada, and France," Canadian Journal of Economics, Canadian Economics Association, vol. 32(4), pages 843-877, August.
    2. Rebecca M. Blank & David Card, 1993. "Poverty, Income Distribution, and Growth: Are They Still Connected," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 24(2), pages 285-340.
    3. Kreps, David M., 1990. "Game Theory and Economic Modelling," OUP Catalogue, Oxford University Press, number 9780198283812.
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    Cited by:

    1. Pierre Fortin, 2003. "Differences in Annual Work Hours per Capita between the United States and Canada," International Productivity Monitor, Centre for the Study of Living Standards, vol. 6, pages 38-46, Spring.
    2. Stepan Jurajda & Janet Mitchell, 2001. "Markets and Growth," William Davidson Institute Working Papers Series 382, William Davidson Institute at the University of Michigan.
    3. repec:ilo:ilowps:374124 is not listed on IDEAS
    4. Baker, Dean. & Glyn, Andrew. & Howell, David. & Schmitt, John., 2004. "Unemployment and labour market institutions : the failure of the empirical case for deregulation," ILO Working Papers 993741243402676, International Labour Organization.
    5. Richard B. Freeman & William M. Rodgers, 2005. "The weak jobs recovery: whatever happened to "the great American jobs machine"?," Economic Policy Review, Federal Reserve Bank of New York, issue Aug, pages 3-18.

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