Evaluating the Key Components of the US Local and International Economic Power and Its Changes During 1970-2020

Many thinkers believe that America's economic power is declining, yet others do not believe in it and see it as an exaggeration. The multiplicity of opposing views on the trend of US economic power has necessitated a comprehensive review of key components of US domestic and international economic power and its evaluation over time. The present study, while evaluating and identifying key components of US economic power, examines the time trend of its changes nationally and internationally. The method used to identify the components of economic power is content analysis and the method of evaluating over time is simple statistical analysis. The results obtained from the content analysis method show that economic power is a multidimensional concept that includes several components, and , it is necessary to distinguish between relative power and absolute power. The results of statistical analysis indicate strong and clear evidence of a decline in US relative power nationally and internationally, but US absolute power is a function of the degree of importance and weights assigned to the variables used to measure economic power. Accordingly, although the relative strength of the United States has declined sharply, the US economy is still one of the leading and most powerful economies in the world, which is rapidly declining due to risks such as economic inequalities, successive crises and the entry of new competitors in the world.