A Gale of Creative Destruction - by Myron H Ross (Hardcover)

About the Book

Deftly attacking by logic and statistics the dominant pessimism concerning future US economic and military power, Ross instead sees greater progress over the next two or three decades than during the last--a fifth rising phase of a Kondratiev cycle. The central force will consist of a surging rate of technological advance resulting from such innovations as the electronic computer in combination with solid state application; energy-related superconductivity and fusion; biotechnology and space; etc. . . .An excellent, sprightly, and scholarly reply to recent doomsayers. Choice

This groundbreaking work challenges pessimistic views of the U.S. economy, arguing instead that the U.S. is on the brink of a radical economic and social transformation, primarily caused by technological advance. According to Ross, the American economy, like other market-oriented economies, is subject to long waves, or cycles. In the early 1990s, he asserts, the U.S. economy will experience the beginning of a rising phase of a long wave, with the economy growing for two or three decades. The fundamental underlying cause of the booming economy will be the momentum associated with an unprecedented rate of technological advance; it will be associated with an increase in the standard of living of the average American beyond current expectations. Written in a style accessible to both scholars and educated lay readers, A Gale of Creative Destruction is an important counterweight to the recent spate of books which posit the impending collapse of the U.S. economy.

Ross takes a unique approach to the subject by integrating structural change in the American economy with technological advance in an international setting. To build his case, he analyzes the historical long waves the U.S. economy has already seen and examines the technological advances such as superconductivity and biotechnology. He shows that such major innovations have coincided with the rising phase of long waves. He also explores changes in the workforce, the diminution of racial and gender discrimination, the increasing interdependence of the world's economies, and the tremendous strides being made toward more democratization and more vibrant market-driven economies, arguing that each of these factors will act to help fuel economic growth in the 1990s and beyond. Based on his analysis, Ross concludes that optimism about the economic future is more than warranted and that today's children will be significantly better off than their parents.

Book Synopsis

Deftly attacking by logic and statistics the dominant pessimism concerning future US economic and military power, Ross instead sees greater progress over the next two or three decades than during the last--a fifth rising phase of a Kondratiev cycle. The central force will consist of a surging rate of technological advance resulting from such innovations as the electronic computer in combination with solid state application; energy-related superconductivity and fusion; biotechnology and space; etc. . . .An excellent, sprightly, and scholarly reply to recent doomsayers. Choice

This groundbreaking work challenges pessimistic views of the U.S. economy, arguing instead that the U.S. is on the brink of a radical economic and social transformation, primarily caused by technological advance. According to Ross, the American economy, like other market-oriented economies, is subject to long waves, or cycles. In the early 1990s, he asserts, the U.S. economy will experience the beginning of a rising phase of a long wave, with the economy growing for two or three decades. The fundamental underlying cause of the booming economy will be the momentum associated with an unprecedented rate of technological advance; it will be associated with an increase in the standard of living of the average American beyond current expectations. Written in a style accessible to both scholars and educated lay readers, A Gale of Creative Destruction is an important counterweight to the recent spate of books which posit the impending collapse of the U.S. economy.

Ross takes a unique approach to the subject by integrating structural change in the American economy with technological advance in an international setting. To build his case, he analyzes the historical long waves the U.S. economy has already seen and examines the technological advances such as superconductivity and biotechnology. He shows that such major innovations have coincided with the rising phase of long waves. He also explores changes in the workforce, the diminution of racial and gender discrimination, the increasing interdependence of the world's economies, and the tremendous strides being made toward more democratization and more vibrant market-driven economies, arguing that each of these factors will act to help fuel economic growth in the 1990s and beyond. Based on his analysis, Ross concludes that optimism about the economic future is more than warranted and that today's children will be significantly better off than their parents.

Review Quotes

?Deftly attacking by logic and statistics the dominant pessimism concerning future US economic and military power, Ross instead sees greater progress over the next two or three decades than during the last--a fifth rising phase of a Kondratiev cycle. The central force will consist of a surging rate of technological advance resulting from such innovations as the electronic computer in combination with solid state application; energy-related superconductivity and fusion; biotechnology and space; etc. As this pool of unrealized invention is exploited, investment rates will increase, lessening the average age of the capital stock and enhancing productivity and economic growth. Larger-sized firms may be expected--and welcomed for their economies of scale and their capacity to finance research and development and innovation. Greater competitiveness will develop because of the internationalization of markets, with internationalization also serving to reduce risk and uncertainty for firms producing more diversified products. Risk also will be lessened by the reduced amplitudes of business cycles, as the service sector grows and inventory fluctuations become less important. Together with other contributing factors like improved quality of the labor force and less racial and sexual discrimination, the outcome promises a doubling of real income to the next generation. An excellent, sprightly, and scholarly reply to recent doomsayers. Academic and general readers.?-Choice

?The U.S. economy will soon embark on the rising phase of a long wave, with growth predicted for the next two or three decades. Underlying this booming economy is the momentum associated with an unprecedented rate of technological advance, which will allow Americans to achieve a standard of living well beyond current expectations.?-The Futurist

"The U.S. economy will soon embark on the rising phase of a long wave, with growth predicted for the next two or three decades. Underlying this booming economy is the momentum associated with an unprecedented rate of technological advance, which will allow Americans to achieve a standard of living well beyond current expectations."-The Futurist

"Deftly attacking by logic and statistics the dominant pessimism concerning future US economic and military power, Ross instead sees greater progress over the next two or three decades than during the last--a fifth rising phase of a Kondratiev cycle. The central force will consist of a surging rate of technological advance resulting from such innovations as the electronic computer in combination with solid state application; energy-related superconductivity and fusion; biotechnology and space; etc. As this pool of unrealized invention is exploited, investment rates will increase, lessening the average age of the capital stock and enhancing productivity and economic growth. Larger-sized firms may be expected--and welcomed for their economies of scale and their capacity to finance research and development and innovation. Greater competitiveness will develop because of the internationalization of markets, with internationalization also serving to reduce risk and uncertainty for firms producing more diversified products. Risk also will be lessened by the reduced amplitudes of business cycles, as the service sector grows and inventory fluctuations become less important. Together with other contributing factors like improved quality of the labor force and less racial and sexual discrimination, the outcome promises a doubling of real income to the next generation. An excellent, sprightly, and scholarly reply to recent doomsayers. Academic and general readers."-Choice

About the Author

MYRON H. ROSS is Professor of Economics at Western Michigan University. He has extensive experience as an economic consultant and for the past two decades has served as a land commissioner in the federal courts. He is the author of numerous articles as well as the text Income: Analysis and Policy.