On 11/6/2012 6:41 PM, Michael A. Terrell wrote:

Ignoramus5113 wrote:

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.


Apples & oranges. You're a barber and your last pair of electric
hair clippers die. You call all the companies who used to make them, to
discover their factories were closed & all the tools liquidated. You're
out of business, too.


I've had this discussion about wealth creation with hundreds of people.
When it's explained to them in terms they understand, they GET it! A
service based society is doomed to FAIL! (thus, America's main problem)