Booms, Busts, and Recoveries Message Board

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Strategies & Market Trends : Booms, Busts, and Recoveries

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To: LLCF who wrote (13580)	1/17/2002 12:49:13 AM
From: AC Flyer	Read Replies (1) of 74559

In simple terms, it is bullish because in the US it now takes half as many people to make the same amount of stuff as it did 42 years ago. I will also say that it is a myth that service sector jobs are lower paid and less stable than manufacturing jobs. This is a union hall argument that has no substance. If this were really so, then Americans would be worse off than they were 42 years ago when twice as many were employed in manufacturing (as a percentage of the total workforce) than are today. What's more, if you believe that productivity improvements in manufacturing will continue at roughly the same rate, as I do, then by 2044 only 10% of the American workforce will be employed in manufacturing and by 2086 only 5% of Americans will be employed in manufacturing. How about that! My grandchildren will live in a true post-industrial economy.

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