Michael J. Mandel, chief economist of BusinessWeek, is the country's most passionate partisan for exuberant economic growth. In the mid-1990s, he was one of the first journalists to use the term "New Economy" to describe the fast-growing but volatile U.S. economy, supercharged by technology and finance. Mandel's understanding of the true underpinnings of the 1990s economy led to his prescient warning that the Internet bubble was about to burst, which he predicted in his book The Coming Internet Depression. Now Mandel is issuing another warning. Without exuberant, technology-driven growth, the U.S. economy will lack the firepower to solve its social problems. Without breakthrough innovations like the internal combustion engine or the Internet, the U.S. economy simply can't create enough jobs or wealth to provide for its citizenry. Yet exuberant growth is stigmatized as immoral by some and bad public policy by others. And economists, surprisingly enough, are the biggest...

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