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The American Economy in 1999

In today's world, no nation exists in economic isolation, a fact which necessitates that this analysis consider the American economy in its global context after the beginning comments which focus on the more traditional macroreconomic indicators that are used in determining the viability of the American economy. The Council of Economic Advisers (CEA) forecasts 2.3 percent growth through 2002. Generally, both the Federal Reserve Board and the Congressional Budget Office agree with this assessment (Bluestone & Harrison, 1997, 60). The year 1999, the last of the 20th Century, is forcing American economic theorists to completely reevaluate almost every aspect of traditional economic thinking, including reliance on traditional economic indicators (Lindsey, 1998, 42).

For instance, the idea of an "American Company" is rapidly becoming a myth, forcing American executives to cease thinking in terms of nationally defined corporations: "The United States must open its borders to foreign investors instead of favoring firms that may simply fly the U.S. flag" (Murray, 1997, A1). This is a challenging attitude for some American companies to deal with, since it involves rethinking almost all traditional concepts of what is and what is not American. The primary change that must be accepted is America is one of the World's business powers, and not the World Business Power. As such, economic theorists can no longer discuss the United States in splendid isolation. It is this lack of isolation that leads to the five main challenges facing the United States economy in 1999. Those are:

1. The potential impact of the Euro

2. The potentially debilitating "Asian Flu."

4. Global standardization of products versus differentiation

Summary of Technical Macroeconomic Indicators

However, before considering these broad challenges, let us turn our attention to the primary and basic macroeconomic indicator projections as found in the doc...

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The American Economy in 1999. (1969, December 31). In LotsofEssays.com. Retrieved 01:42, March 29, 2024, from https://www.lotsofessays.com/viewpaper/1691263.html