Three-sector hypothesis - Wikipedia, the free encyclopedia
(Yeah, I know, Wiki sucks, but it's a good enough intro for this topic...)
According to this theory, America has been moving into a teritary sector, meaning we no longer create wealth (manufacturing raw materials into products, thereby adding value)...going to an almost entirely service based economy.
Much of our economy is predicated on passing money around and taking X cut. We're busy allowing/making what little manufacturing we have outsource to other countries, possibly exporting our lifeblood.
On a sidewalk I use almost every workday, I see a manhole cover that is Made In Mexico. My thought is, we can't even manufacture a basic, steel disc anymore? I've seen plastic US flags that are made in China. Where is this going? If it's cheaper to import than to build, why bother making anything?
So, my question, for discussion is, at some point, will we move to a purely service based economy? Is that even desireable? Howwill we create wealth, or should we simply position ourselves to own the "rights" to reap the profits of manufacturing nations?
Where do you see this trend leading?