Question

What have been the main sources of growth for the United States over the course of the twentieth century?

Answer 1

Over the course of 20th century, the main sources of growth for the US can be listed as below:

1. Healthcare (In the form of Medicare and Medicaid, government spending on healthcare has increased noticeably and become one of the main drivers of economic growth)

2. Technological innovation (US has experienced a remarkable increase in R&D activities and also texhnolotechn innovation which helped increase productivity and output in the economy in over the years)

3. Trade (Increase in international trade owing to better international relations with rest of the world has helped US increase output as well as incomes)

4. The insurance sector has also seen a remarkable Increase in its share and its contribution as a part of GDP, which has helped US in its growth and development

Thus, the above factors summarize the main sources of growth for US