ECONOMIC BASE SURVEY OF THE POTOMAC RIVER SERVICE AREA. VOLUME IX, APPENDIX L. POTOMAC RIVER BASIN REPORT.
OFFICE OF BUSINESS ECONOMICS WASHINGTON DC
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The recent comparative growth of the United States and the Potomac River Service Area--measured in broad terms of output, employment, and population--and the future growth as projected over the next half century are summarized. The major findings derive from an intensive analysis of the economic growth of the Potomac Basin relative to the United States economy over the last three decades, and from basic assumptions as to the future. The Office of Business Economics has developed a measure to evaluate the progress of the United States economy over the last half century. This is the total of the gross national product, which covers all types of output. This all-inclusive output measure has increased over that period at an average rate of 3 percent per year--equivalent to a doubling of production every 23 years. Most of this expansion can be traced to an increased productivity, arising primarily from technological and managerial progress and a high rate of capital formation, along with the steady development of natural resources, a growing labor force, and constant advances in the education and skills of the working population. The mobility of our labor force has also contributed, by shifting workers into activities in which they could be more productive, and so have the economies of large scale production.
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