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Politics : American Presidential Politics and foreign affairs
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To: DuckTapeSunroof who wrote (44491)7/30/2010 5:52:00 PM
From: TimF  Read Replies (1) of 71588
 
Sure: the post-war "American Miracle"

Wasn't the period of our strongest economic growth.

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Economic growth

The Gilded Age saw the greatest period of economic growth in American history. After the short-lived panic of 1873, the economy recovered with the advent of hard money policies and industrialization. From 1869 to 1879, the US economy grew at a rate of 6.8% for NNP (GDP minus capital depreciation) and 4.5% for NNP per capita, despite the panic of 1873.[7]The economy repeated this period of growth in the 1880's, in which the wealth of the nation grew at an annual rate of 3.8%, while the GDP was also doubled. Real wages also increased greatly during the 1880's.[8] Economist Milton Friedman states that for the 1880's:

The highest decadal rate [of growth of real reproducible, tangible wealth per head from 1805 to 1950] for periods of about ten years was apparently reached in the eighties with approximately 3.8 percent.[9]"

Austrian Economist and scholar Murray Rothbard stated that for the 1880's:

Gross domestic product almost doubled from the decade before, a far larger percentage jump decade-on-decade than any time since.[9]

Capital investment also increased tremondously during the 1880's, increasing nearly 500%, while capital formation doubled during the decade. Rothbard states that:

This massive 500-percent decade-on-decade increase has never since been even closely rivaled. It stands in particular contrast to the virtual stagnation witnessed by the 1970s.[10]

Long-term interest rates also declined to 3 to 3.5% for the first time, reaching the same level as Britain and 17th century Holland.[11]

en.wikipedia.org
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