Sunday, July 14, 2013

The Move Towards a Service Economy.

Source: The Economist
Developed countries are making a transition from manufacturing economies to service economies, as the graph above shows. The good jobs on factory assembly lines that allowed people with high school education or even less to enter the middle class are disappearing (as we know) and the people who held them are not qualified to work as doctors or nurses, teachers, game designers, movie stars, or professional athletes.

We can surely employ more people if the people with the required skills were available. Immigration and education should be priorities.

I personally am rather glad to see less enthusiasm for the mcmansions and expensive autos. Perhaps we might consume fewer goods and work less. Longer vacations, fewer people with two jobs, less overtime might lead to more people with at least one job (with a living wage).

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