Service VS Production

[Flopper]

Yes, manufacturing, for a change is a bright spot in the economy. The weak dollar has helped.

 

[svnt]

I think the major problem with our economy is that a bunch of idiots think they understand it. The really intelligent people know they don't and pay attention to things other than political sound bites.

there is a lot of truth in that comment. Nobody understands the economy. It is a complex dynamic organism, not a ledger of numbers subject to laws of math and accounting.

One of the biggest problems with our economy is that economists believe that they understand the economy through a prism of abstractions and generally ignore the living breathing economy right in front of them.

A fool and his money are soon parted.

 

[psikeyhackr]

I believe that the major problem with our economy is the fact that we have moved from a production economy to a service economy. A service economy does not create wealth, it only shuffles it around. A production economy creates wealth, and we do not produce as much as we used to. If we look at China, India, South Korea, and Mexico we see economies that are heavy in production. All of our problems are just symptoms of this service vs production condition.

Production of WHAT?

Yeah, producing garbage that is designed to become obsolete creates JOBS. It also creates JOBS for all of the marketing nitwits that are constantly trying to brainwash us into buying the trash.

But then the trash depreciates and our NET WORTH goes down and we have to buy the NEW IMPROVED TRASH. The GROSS Domestic Product goes up and the economists don't talk about the NET Domestic Product.

Funny how they can leave that out for DECADES.

We have been on the consumer treadmill for decades and now it is BROKE.

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psik