ABSTRACT
The growth of employment in the American economy since the 1950s has been accompanied by fundamental changes in the economy’s industrial and occupational mix. These, in turn, are linked to underlying changes in the demand for output and to changes that operated on the supply side of the market through changes in the per unit labor cost of production. The economic environment within which the level of gross domestic product (GDP) and its related level of employment and factor incomes is generated is the product of these changes.
