This work focuses on the economic challenges the American economy has faced during the post-World War II era, and on the new challenges - represented notably by the competing economies of Japan, Germany, and of the entire European Union - which confront it as the twenty-first century approaches. Professor Spulber presents a detailed critique of the thesis alleging that the American economy has experienced some kind of decline, and also argues that the economy will continue to move forward energetically and successfully if growth and change are primarily left to emerge from the impulses and incentives of the private economy.