Us Historical Growth: Geographical And Technological Advantages

806 Words Feb 17th, 2018 3 Pages
There have been many geographical and technological advantages in the US economy that have greatly increased its growth capacity and have taken an active part in the US economic development. Today US is a high mass consumption economy where around 5 percent of world’s population lives but consumes world’s one-third output. Newer technologies lead to innovations increasing the labor and land efficiencies and this is especially important in the early stages of growth where there is more of an agrarian economy than industrial. This agrarian economy needs improved pesticides, insecticides and many other input chemicals that increase the crop output or yield per piece of land. This paper takes its matter from the concepts of Norton’s A People and A Nation and Oates’s Portrait of America. Norton (2003) states that the advantages of size and geography also influence the international markets or international politics around the world than the EU. Us Historical Growth: Geographical And Technological Advantages Jeffrey A. Frankel (2001) states that US economy enjoys many advantages be it economic, political, technological or geographical. The biggest advantage is the large size it has that leads to mass production thus increasing the economies of scale.…