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OVERVIEW AND CRITIQUE OF REVITALIZATION ISSUE
Author(s) -
Burggraf Shirley P.
Publication year - 1983
Publication title -
review of policy research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.832
H-Index - 45
eISSN - 1541-1338
pISSN - 1541-132X
DOI - 10.1111/j.1541-1338.1983.tb00796.x
Subject(s) - investment (military) , economic stagnation , economics , supply side , juncture , political economy , economy , market economy , development economics , political science , law , politics , linguistics , philosophy
Symptoms of stagnation and decline exhibited by the U.S. economy in the 1970s have created extensive concern for our economic health. Before undertaking extensive and perhaps radical treatment, it is important at this juncture to define the problem as carefully as possible and to diagnose the cause as objectively as theory and data permit. This study examines the symptoms of economic trauma, ostensible causes, and apparent linkages and concludes that much of the “devitalization“ of the 1970s was due to unique economic shocks on the supply‐side of the economy which reflected considerable cost and precipitated extensive structural change. Some of the losses of the 1970s appear to be temporary while others are probably permanent. The most painful, costly, and chronic result of the structural shifts may be the extensive regional dislocation and subsequent loss of public and private investment and place‐bound. If so, public policy would probably be helped by explicit recognition of the spatial problems that accompany structural change.