The Past And Future Of America's Economy: Long Waves Of Innovation That Power Cycles Of Growth [Hardcover]

Robert D. Atkinson (Author)

Book Description

Publication Date: February 28, 2005 | ISBN-10: 1843769557 | ISBN-13: 978-1843769552

Robert Atkinson examines this process of change over the past 150 year and explores the responses of people and institutions. The book then analyzes today's New Economy, including the technology system, and effects on markets, organizations, workers, and governance.

Editorial Reviews

Review

"'Rob Atkinson is one of our best analysts of how innovation drives local and regional economies, and what to do to take advantage of technological change. In his visionary book, he fluently articulates the principles of a new "growth economics" that is America's best hope for a prosperous future leaving no one behind.' - Rosabeth Moss Kanter, Harvard Business School professor and author of Confidence: How Winning Streaks and Losing Streaks Begin and End 'Any person concerned about the future of our economy should read this book. Atkinson offers terrific historical perspective as well as specific policy proposals that would give us the best chance for broad based economic growth now and for generations to come. It should be mandatory reading for public policymakers.' - Congressman Adam Smith (D-WA), Co-chair of the House New Democratic Caucus, US 'Rob Atkinson has produced a powerful and far-reaching look at the underlying mechanism powering today's New Economy. In particular, he shows how the US is just at the beginning of an innovation wave which is not only boosting productivity, but transforming economic organization and economic policy as well. This book is essential reading for anyone who wants to understand how the US economy got to where it is today, and how it can best get to a prosperous and humane future.' - Michael J. Mandel, Chief Economist, Business Week, and author of Rational Exuberance: Silencing the Enemies of Growth 'I congratulate the author on a great and important book. I couldn't agree more that the political party that comes closest to supporting humane growth economics should be the leader for the next 25 years. It's a great vision for the future, and his scholarly but readable mix of history, technology, economics and politics is very persuasive. It's the sort of stuff that should be taught in economics courses, but almost never is.' - David Moschella, author of Customer-driven IT: How Users Are Shaping Technology Industry Growth"

About the Author

Robert D. Atkinson, Vice President and Director of the Technology and New Economy Project, Progressive Policy Institute, Washington, DC

Product Details

• Hardcover: 357 pages
• Publisher: Edward Elgar Pub (February 28, 2005)
• Language: English
• ISBN-10: 1843769557
• ISBN-13: 978-1843769552
• Product Dimensions: 8.6 x 5.6 x 1 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.7 out of 5 stars  See all reviews (3 customer reviews)
• Amazon Best Sellers Rank: #2,888,090 in Books (See Top 100 in Books)

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Customer Reviews

Most Helpful Customer Reviews

4 of 5 people found the following review helpful:

5.0 out of 5 stars Guide to America's Future, June 5, 2005

By 

Ellis Mottur - See all my reviews

This review is from: The Past And Future Of America's Economy: Long Waves Of Innovation That Power Cycles Of Growth (Hardcover)

As a former Assistant Secretary of Commerce and Assistant Director of the Congressional Office of Technology Assessment,I have long been conversant with the issues addressed in Dr. Atkinson's book. I find myself in complete agreement with his basic thesis and believe he has articulated it so effectively and done such a prodigious job in assembling evidence from so many disparate sources, while delineating specific actions to promote productivity growth for a more humane economy, that I consider it a classic guide for America's 21st Century.

4 of 5 people found the following review helpful:

5.0 out of 5 stars The New Economy Lives, April 12, 2005

By 

Samuel Leiken (Washington, DC) - See all my reviews
(REAL NAME)   

This review is from: The Past And Future Of America's Economy: Long Waves Of Innovation That Power Cycles Of Growth (Hardcover)

One of the best explanations of the New Economy I've read. Dr. Atkinson has written a readable economics book (no mean feat!) which explains and applies the work of Joseph Schumpeter, an economist people talk about but do not read.

As a professional in public policy, I find his recommendations innovative and challenging, and, above all, his explication of the New Economy clarifies why the 21st Century presents great progressive opportunities

1 of 1 people found the following review helpful:

4.0 out of 5 stars A book with great relevance today, March 20, 2010

By 

Ted Haoquan Chu "Ted H. Chu" (Farmington Hills, MI United States) - See all my reviews

This review is from: The Past And Future of America's Economy: Long Waves of Innovation That Power Cycles of Growth (Paperback)

As a persuasive argument for government-assisted Schumpeterian economic growth, this book feels more relevant today in 2010 than when it was published in 2004.
America faces twin challenges in the post-crisis era: the emergence of China as a superpower and the looming fiscal crisis (see my review of book Comeback America). We can fight a trade war or lower our standard of living with spending cuts, but the only satisfying solution is reigniting strong economic growth to keep America ahead of the economic race with China and to grow the tax base fast enough to offset rising public outlays.
Dr. Atkinson's book has two parts: America's economic history and its implications for today's policy makers. In the first part, a romp through 160 years of history reveals four waves of technological/organizational transformation:
1) from agriculture to mercantile and craft manufacturing in the 1840s - 1890s period;
2) the development of factory-based industries in the 1890s - 1940s period;
3) the flowering of large corporate mass production in the 1940s - 1990s period;
4) the emergence of IT-driven knowledge society from the 1990s to today.
I believe this narrative is more precise and useful than Toffler's Third Wave theory.
Over a span of several decades, each wave begins with disruption of existing social and economic order, follows by a decade or two of exceptionally strong growth, and ends with a long period of stagnation and volatility. Out of despire comes the next New Economy and a shock to existing economic and social infrastructure.
The role of the government, then, is to recognize the real source of economic growth and to promote it rather than to focus on fighting short-term business cycles. In the second part of this book, the author points out that both the demand-side and supply-side economics are wrong. If boom and bust are a part of the natural outcome of the "long waves of innovation", public policies should be aimed at lifting productive potential rather than stopping the cycle and prevent new forms of technologies and organizational innovation to spread and drive growth.
Today, we are witnessing strong growth in China and revitalization of the German economy. It should not escape our attention that these two large economies follow some of the most important policy recommendations in this book - focus on real economy rather than virtual (financial) economy, focus on growth rather than business cycle, and focus on productivity, with government assisted R&D and human resource development. Both China and Germany have been blamed for global imbalances, yet nobody denies their competitiveness in global markets and they have done their share of stimulating domestic demand as global trade and demand collapsed (whether they have done enough is a subject of debate.)
Nobody knows the future, but I wish the author could provide some hints on what the next wave will be and whether the computer and Internet-driven IT economy has already shown sign of exhausting its potential. Real GDP growth over the last ten years was 1.9%, compared with 3.9% average over the previous six decades.
The last chapter, Building a More Humane Economy, seems to be disconnected from the rest the book. And I wish it is not there. Innovation economy will lift standard of living and enjoyment of life for all in absolute sense but not in relative sense. If a comfortable life is our ultimate goal, promoting growth, which inevitably involves growing pains, may not be the right thing to do. We need policies that mitigate the adjustment pains, but comfort or happiness should not be our ultimate goal.