ABSTRACT
Pressman. One of the main problems facing not just the United States but also most developed economies throughout the world has been a slowdown in “long-term growth.” It is well known that growth rates of productivity and of GDP per capita during the 1970s and 1980s were not as great as during the 1950s and 1960s. You have called your explanation for these changes “Transformational Growth.” Could you explain briefly what Transformational Growth is all about, and then tell us how the notion of Transformational Growth can be used to explain the growth slowdown of the past quarter-century?
