Long-term Factors of Economic Development of the USA during the third Decade of 21st Century
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Date of publication
13.10.2021
Public year
2021
DOI
10.18254/S207054760017047-8
Long-term Factors of Economic Development of the USA during the third Decade of 21st Century
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The article aims to show role and significance of long-term innovative factors of economic development of the USA on the verge of the third decade of 21st Century. These critical factors of development are indentified as R&D potential, human capital and role of government economic policy. The author reviews in details composition of expenditures on R&D, shows role of different sectors of economy in R&D performance. It is emphasized that high effectiveness of the US R&D is resulted in leading US position in number of Nobel prizes, in scientific publications, in number of patents.

The article reviews the role of human capital, as one of the leading long-term factors of development. As noted in the article the current shifts in the labor force composition are characterized by growth of services and high-tech industries, by high level of labor productivity, as a key indicator of economic effectiveness. It is also revealed that participation rate of labor force has declined over recent years. The US labor force is getting more complex in terms of its ethnic and racial composition. The global expenditures allocated for education in the USA exceed significantly similar expenditures in other advanced countries. The same time it is shown that there are serious contradictions in human capital formation in the US – a share of university graduates in overall population is lower here than in many developed countries. There are also significant disproportions in a sphere of education in terms of racial, ethnic and social equality.

The article reviews the contribution of a healthcare system into human capital formation. It is shown that despite of huge expenses allocated for healthcare system and its high technological level, from organizational standpoint the US healthcare system is lagging behind many advanced countries.

The author observed also the government role in the economy. Despite many principal characteristics of government regulation standing permanently, the change of republican or democratic administration leads to some changes in government regulation. Similar changes took place when President Trump came into office – he neglected many Keynesian receipts for economy. When new President D. Biden was elected he also suggested new economic policy and eliminated a lot of Trump’s economic neoliberal heritage. New policy is proclaimed including how to struggle 2020 economic crisis.

 

About authors
Victor Supyan
Head of the scientific direction
Institute for US and Canadian Studies of the RAS (Moscow, Russia)
References

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