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1-Page Summary of The Rise and Fall of American Growth

Overview

The Rise and Fall of American Growth is a study of growth in the United States from 1870 to the present. It focuses on the period between 1870-1970, which was an unprecedented time for economic growth.

Throughout history, life has improved very slowly. But after the civil war in America, things started to change rapidly. This was due to a series of “Great Inventions” that included electricity and methods for using it as well as the internal combustion engine. Homes were tied into electrical systems that could provide heat and sewage removal services (which are especially important because of how they help reduce infant mortality).

Gross domestic product does not adequately measure the improvements in life expectancy and job conditions. Life expectancies are greater than they were before, and people’s jobs have improved because technology has made it easier for them to get their work done.

Progress slowed after 1970. There were only so many great inventions that could be made, and they had already been invented at that point.

Technological advancements have improved the way people communicate. However, these advances cannot transform society like they did in the past century.

The United States faces many obstacles to future growth. There is an aging population, inequality, a poor educational system and broken families. If these problems are addressed properly, it’s unlikely that the US will match the special century’s economic growth rates again. The country needs to improve its citizens’ welfare while recognizing that miraculous growth can’t be repeated in today’s world.

Key Takeaways

Inventions are only created once, so growth that comes with those inventions is unique and cannot be duplicated.

GDP measures the economic growth of a country, but it doesn’t reflect how much the inventions improved people’s lives.

It can take many years for inventions to have their full impact on growth. The linking of homes to heating, electrical, and sewage systems was one of the central advances during the special century (1870-1914). It was especially important in increasing life expectancy.

The Great Depression greatly contributed to the growth of America in terms of technology. The period from 1990-2010 could not bring as much change as did the special century, which included inventions that helped improve telecommunications and entertainment. Inequality is a major issue for society, especially when it comes to education and health care. However, even if these problems are resolved, the country will not experience the same type of economic growth it had previously experienced (i.e., during the special century).

Key Takeaway 1: Great inventions can only be invented once. Growth associated with those inventions is therefore unique and cannot be duplicated.

Analyze

Thomas Edison invented the light bulb in October 1879. Ten weeks later, Karl Benz invented the car engine. These inventions changed life in America for many decades to come. Homes that had been dark could now be lit up and travel became much easier with cars than it was on horse-drawn vehicles.

Electricity and automobiles have created a modern world. However, the same can’t be said about other inventions, such as working sewage systems or penicillin. Those kinds of innovations only spur growth for a certain amount of time before they’re no longer needed.

The great inventions of the past have been made once and for all. It’s hard to imagine a similar technological revolution in our times, because today’s inventions are not as revolutionary or life-changing as those from the past.