Good job I live in an economy based on primary production. :-)
Andrew Fildes
afildes@xxxxxxxxxxxxx
On 05/12/2011, at 8:13 PM, Chris Crawford wrote:
> Service-only economies only work if the population NEVER needs any
> manufactured goods, at which point, your lack of something to trade to the
> producers of such goods in exchange for them causes poverty among the
> people in the service-economy nation because they cannot buy things they
> need.
>
> Selling them services is not a good option because there aren't enough
> services we can offer that they (manufacturing countries) cannot do
> themselves. Countries like China and India are now producing highly
> trained and skilled engineers and scientists, so the silly idea that the
> countries like the USA that gave away our manufacturing can survive doing
> the 'brains' work while outsourcing the 'hard work' work is crumbling fast.
>
> You have to make something to be wealthy. The Chinese are smart enough to
> know that, which is why they've built their incredible manufacturing
> capacity, which is rapidly making China a rich nation.
--
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