Map of Modling on For example, from 1870 to the present, the UNITED STATES has experienced an average increase in per capita income of 1.8 percent per year. Consequently, the bundle of goods and services that the average worker or family can buy today is more than 10 times higher than in 1870. The long-run rise in the standard of living, however, has not occurred without major fluctuations in production, incomes, and employment. Indeed, since 1870 the United States has experienced 10 significant decreases in the level of national production or GROSS DOMESTIC PRODUCT (GDP). Severe downturns occurred in the early 1890s, in 1907, at the end of WORLD WAR I, and in the mid-1970s as a result of the world ENERGY crisis. Of course, the most severe downturn was the world-wide Great DEPRESSION of the 1930s. Map of Modling 2016.
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