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A Malaise Speech for the Current Time
#37
(05-30-2019, 11:28 AM)Kinser79 Wrote: PBR...I keep hearing about this supposed service economy that is going to arise at some point.  Strangely it still hasn't happened yet.  I'd argue because wealth (not money, wealth) can only be created when one creates goods.  Any other form of economic activity must therefore consume wealth.  In short without industrial production (somewhere) there will be no consumption of services.

Wealth is capital. Capital is that which when combined with labor and resources produces economic output. Such output is in the form of both goods AND services.

So you are partly right, a more accurate statement would be "wealth is only created when one creates the capital (means of production) needed to produce goods and services."
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RE: A Malaise Speech for the Current Time - by Mikebert - 05-31-2019, 01:01 PM

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