On Thu, 24 Jul 2003 03:51:14 GMT, Lewis Hartswick wrote:
jim rozen wrote:

we're all going to be flipping burgers at McDs soon.


What bothers me (not realy since I'm retired) is if everyone is
"flipping burgers" who is left to buy them. Just us retired folks
who are on a low fat diet? :-)
...lew...

Well, obviously, not everyone will be flipping burgers. Some
will be in charge of the deep fryer, others will be manning the
registers, etc. :-)

In a service economy, lots of different services are required.
Everything from doctors and nurses to landscapers, barbers,
and mechanics, from cash rental agents (bankers) to salesmen
of all sorts, movie stars, and movie ticket takers, etc, etc, etc.
Each depends on the others for certain services. That makes
the cash go round and round, and that's what an economy is
all about.

The health of any economy is primarily a function of the velocity
of money. The more rapidly it changes hands, and the more hands
through which it passes, the more robust the economy. It doesn't
really matter what jobs people do to make the velocity of money
high. The notion that wealth is only measured in tangible goods
output is primitive, and a fundamentally flawed way of measuring
the health of a modern economy.

Gary