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本文认为．进入２０世纪９０年代以来，美国经济持续增长，出现了“美国现象”，它传递了两个信息：一是传统的经济周期已不复存在，“新经济”呼之欲出；二是过去的世界经济周期的同步性现象下在消失。其产生的根本原因是知识经济革命。即：（１）新技术革命，主要是开发人力资源，以资源利用型的经济增长为特征，周期性不明显；（２）知识进步的节奏加快，加速了产品的更新换代，使周期性的需求不足得到缓解；（３）知识技术进步的速度加快，使技术引进者难以引进吸收最新技术，技术引进者的优势丧失，从而造成了世界经济周期非同步现象。
This paper argues that. Since the 1990s, the U.S. economy has continued to grow and the “U.S. phenomenon” has emerged. It sends two pieces of information: First, the traditional economic cycle no longer exists and the “new economy” can be expected; second, the past world economic cycle The phenomenon of synchronization disappear. The root cause of its production is the knowledge-based economic revolution. Namely: (1) new technological revolution, mainly human resource development, characterized by resource-based economic growth with no obvious periodicity; (2) accelerating the pace of knowledge advancement, accelerating the upgrading of products and making cyclical (3) The speed of knowledge and technology improvement is accelerating, making it difficult for technology importers to introduce and absorb the latest technologies and losing the advantages of technology importers, resulting in the non-synchronization of world economic cycles.