The collapse of U.S. productivity growth since the late 1960s has been the most severe and persistent of recent economic problems. This volume reviews the extent of the growth slowdown, evaluates several contributing factors, and suggests strategies for improvement. The authors find that inflation, recessions, oil price fluctuations, and other economic disruptions in the 1970s had an adverse effect on economic performance, but, they suggest, a slowing in the pace of innovation and a failure to exploit the benefits of innovation also contributed to the weakness in productivity. Baily and Chakrabarti provide a comprehensive assessment of U.S. technology policy and its importance to growth.

The book is regarded as a significant contribution to the discussion on U.S. productivity and technology policy. It offers a detailed analysis of the economic challenges faced in the latter half of the 20th century, particularly the slowdown in productivity growth. The authors' recommendations for supporting scientific and commercial research are presented as strategic pathways for improvement. The work is noted for its comprehensive assessment and its focus on balancing innovation support with market principles.