These two graphs were published in Roger Pielke Jr.'s Blog today.
Clearly there has been a great deal of economic development in the United States since 1947. The population is much larger now, but it also lives better. That development has been marked by a major transformation of the structure of the economy. Extractive industries have dwindled to invisibility in the statistics. Manufacturing is a smaller portion of the economy, while finance and retail trade have grown.
Pielke provides us with data on the proportion of GDP by sector.
- Government in 1960: 13.2%; in 2011: 13.2%
- Agriculture & manufacturing in 1950: 34%; in 2011: 13%
- Finance & services in 1950: 26%; in 2011: 52%
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