Make your predictions, experts
On 2012-11-06, Michael A. Terrell wrote:
Ignoramus5113 wrote:
On 2012-11-06, Karl Townsend wrote:
...
This fundamental issue is also combining with automation to further
erode the ability of a country's economy to gainfully employ the
majority of it's population. When the production of all the products and
services required by 100% of the population only requires 20% of the
population's labor you have another serious problem that has no easy
solution.
The easy solution is called a service economy. Nobody said that
"production" is the only real economic activity.
'Service Economy' is a myth. It doesn't create anything by itself,
it just bounces the same few dollars around.
Let's say that you give me a chunk of metal and I make you an object
from this chunk of metal, that you need. You pay me for it. That's
manufacturing.
Now let's say that tomorrow you come to me and I cut your hair
instead. That's service.
It is manufacturing on one day and service on another.
But the economic difference is not huge.
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