Is moving to a service economy a good move for the US. Why have we turned into a service economy.?

Question

trustnoon... do you carry a cat to breath for you.

Answer 1

Because the only purpose of the "economy" is to satisfy people's consumer needs, you can expect a free economy over time to evolve to do just that -- satisfy peoples' ever-growing needs. That is a good thing.

Just a generation ot two ago families rarely ate in restaurants; they indulged in far, far less entertainment, whether movies or sports entertainment or theme parks, you name it. There were no computers, software, video games, cell phones, Internet access, laser printers, TiVo, NetFlix, iPods, etc. Most US cities had no cappuccinos or bagel shops.

Today we have all the things our grandparents had, and all those new things in addition. But those neat new things come at a price: human labor is needed to deliver them. Those services are ONLY possible because labor has been freed up from manufacturing and farming and housework. The vast majority of this new economy that has sprung up to satisfy peoples' needs falls into the category of "services".

We have found that you can offload manufacturing to China or Malaysia and import the tangible goods; but you can't generally import services. You need actual human beings here on-site to deliver services. So we offload what we can, to free up labor to do what we need.

Answer 2

The reason we are moving into a service-based economy is because they are generally more desirable than manufacturing or agricultural based jobs. Think about it, do parents generally want their children to grow up to become lawyers, doctors, or Architects? or would they rather see them working on an assembly line?

Is it a good thing? well we are now based on foreign countries for manufacturing and raw materials, just as they need us as a buyer and customer. This trade interdependence has made war with most of the world an economic impossibility. So if you consider the decreased prospect of war a good thing, then it is indeed a good thing

And while people gripe about off shoring, the truth is that unemployment has been relatively stable throughout the 20th and 21st centuries (under 5%) so any effect that this has on the economy is relatively minor.

Answer 3

We have turned into a service economy because most service jobs could not be sent to a foreign country.

Besides who is going to cater to the "disgustingly rich" so they can live like kings?

Does this help any?

Answer 4

In 1776, 97% of the population were farmers.
In 2000, less than 2% of the population were farmers.

The first factory jobs were NOT great jobs. They were sweaty, dirty, hot boxes. The country did not come to an end.

Economies change and resistance to that change and refusal to adjust will only cause people to be left behind.
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Answer 5

its helpful