The Service Economy Made Tangible

Everyone knows that we now live in a service economy much more than an industrial economy.  But sometimes it helps to see some statistics to drive this point home.

Here are some that I came across in a recent article on “Old School Economics” by Christopher Caldwell:

• “the U.S. now has more choreographers (16,340) than metal-casters (14,880)”
• “more people make their livings shuffling and dealing cards in casinos (82,960) than running lathes (65,840)”
• “there are almost three times as many security guards (1,004,130) as machinists (385,690)”

According to a chart accompanying the article, there are also more fashion designers (15,670), landscape architects (22,130) and meeting and convention planners (42,510) than metal-casters (14,880).

We're not in Kansas any more.  It will unfortunately take a bit longer for economic analysis and management practices to catch up to all the implications of this transition.

Comments

[David Ing]

I think that there's some clarity required on the "service economy" versus the "service sector". The article by Christopher Caldwell is more about the "service sector".

I've done some research to clarify some distinctions on Science of Service Systems, Service Sector, Service Economy on the Coevolving Innovations blog .

I think that the average layman is apprehensive about jobs in the "service sector", but see the "service economy" as an attraction.

[kievite]

It also might be a sign of another bubble.

Hypertrophied service sector have limited role in shrinking of the deficit.