The Service Economy: We're Not There Yet
The Service Economy: We're Not There Yet [SR-740]
In the economic boom after the huge industrial build-up of World War II, the U.S. domestic economy shifted its emphasis from heavy industry to consumer goods, and then, inevitably, from a manufacturing economy to a service economy. Each year since 1950, the service sector has generated more and more of the GDP. Indeed, with the onset of the information revolution, the ability of companies to find extra value by adding a richer set of service components covering everything from R&D to consumer information has enhanced our utilization of services throughout the economy. But the role of the consumer in that service-oriented economy remains paramount. According to national income accounts, personal consumption expenditures make up about 70% of final purchases today.