ABSTRACT
One of the most striking developments in the postwar US economy is the increasing role of international trade. Imports were only 4.4 percent of the national product in I960, but rose to 10 percent of the national product by 1985. There have also been large shifts in the sectoral composition of output. The shares of agriculture and manufacturing in the national product were 4.7 and 31.4 percent, respectively, in I960, but only 2.6 and 22.8 percent in 1985. Finally, the annual growth rate of the national product has declined from 3.7 percent in 1947–73 to 2.3 percent in 1973–85.
