The Taoiseach has described the Celtic Tiger as a 'veneer' built on "shallowness and greed".
Enda Kenny says the boom years were built on "one platform only" which then led to a dramatic economic collapse.
He said that was the main difference between the economy in the last decade and today, where different sectors are all growing at once.
He was speaking at a business breakfast in Atlanta, Georgia on the first day of his tour of the United States for St Patrick's Day.
The Taoiseach is also this morning meeting the global head of Coca-Cola's bottling operations, Irial Finan.
Mr Kenny has arrived in the United States ahead of his annual visit to the White House next Tuesday.
Before then he has got a busy schedule of meetings around the country, trying to promote Ireland as a business destination, and to mark Ireland’s contribution to American history.
His begins his five-day tour today in Atlanta, on a day that combines a reflection on Irish history, diplomacy, and his drive to bring more business to Ireland.
He will meet with both the mayor of Atlanta, Kasim Reed, and the governor of Georgia, Nathan Deal, to discuss Ireland’s growing diplomatic presence in this part of the country.
The Taoiseach will also attend a commemoration for Fr Thomas O’Reilly - the Irish priest who founded Atlanta’s very first Catholic Church.