Growth and welfare of the US economy crucially depend on the performance of business sectors and related activities. Per capita GDP of the United States has turned out to be $46,000.
US economy is a market-oriented one. Business firms and private individuals play a major role in decision-making.
Both US federal and state governments provide business firms with great operational flexibility in all areas of their businesses. US business firms make use of latest technology to beat their counterparts in the other nations of the world.
As per the 2007 estimates, agriculture sector contributes 0.9% of the total US GDP. Contribution of the industrial sector stands out to be 20.5%; whereas contribution of the service sector amounts to 78.5%. The real growth rate of US GDP stands at 2.2% as per the 2007 estimate. GDP at Purchasing Power Parity has turned out to be $13.48 trillion according to the estimate of 2007.
Performance of the US economy is driven by the diverse business sectors. The US federal government takes a number of policy measures to facilitate the economic prosperity of US business firms. Mining, finance and insurance, manufacturing, real estate, food services and accommodation, transportation and warehousing, information technology, construction, educational services, wholesale trade, healthcare services, scientific, professional and technical services and many other services come under the purview of US business.
US industrial sector has emerged as the most important industrial power of today’s world. Use of state-of-the-art technology distinguishes its industries from other industrial powers of the world.
Export and import figures are also highly important. Major exportable products include consumer goods like medicines and automobiles, industrial supplies mostly organic chemicals, and capital goods like parts of motor vehicles, transistors, telecommunication devices, computers, and many more. The US export volume (estimated) for the year 2007 has been $1.149 trillion f.o.b.
As far as imports are concerned, the United States imports consumer goods like furniture, clothing, automobiles, medicines, and toys, industrial supplies like crude oil, agricultural products, and capital goods like office machines, electric power machinery, computer software, and many more. The import figure of the US economy has turned out to be $1.956 trillion f.o.b. as per the 2007 estimate.
A jacket or shirt may be reversible. Time is unidirectional, we are taught and some things simply cannot be reversed, like a hard-boiled egg.
However, science has once again pulled the rug out beneath our feet. Earlier this week, ABC reported that scientists have discovered a way to un-boil an egg white. Apparently boiling an egg folds the proteins, and scientists have learned to unfold them. They can reverse the boiling process within a few minutes.
Professor at Columbia University. Recipient of the Nobel Memorial Prize in Economic Sciences in 2001 & the John Bates Clark Medal in 1979. Author of "Freefall: America, Free Markets", "The Sinking of the World Economy", "Globalisation and its Discontents" & "Making Globalisation Work".
Nouriel Roubini, a.k.a. “Doctor Doom”, is chairman of Roubini Global Economics and professor of economics at New York University’s Stern School of Business. Roubini has been consistently cited as one of the world’s top global thinkers. This year, he was voted as the most influential economist in the world by Forbes magazine.