The divergence in growth between service and goods-producing sector employment in the US since the crisis is truly striking. (and mind the scales) @DeutscheBank via @SoberLookpic.twitter.com/9hXprfIxJX
This is the most surprising graph I've seen in weeks. Do you know why this is happening @tylercowen and @ATabarrok?
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We only have space and time for so many things, but our needs to have our fellow humans serve us in a variety of silly but flattering ways are insatiable.
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You're doing a great job flattering me with your knowledge Nick. Thanks :)
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I believe services are growing faster than goods. But why were jobs producing goods hit disproportionately hard in the recession?
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They’re using two different scales. I think the graphs would look much less striking when put on the same scale.
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Bigger dip in goods perhaps because durables are more cyclical, easier to postpone purchase. Their slower recovery is realization not worth investing new fixed costs again for the next round of stuff? LR shift compressed into SR?
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demand for many services that are growing parts of the economy are inelastic (e.g. healthcare, education)? Demand for goods is not, idk
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You mean consumers are finding more value through experiences rather than accumulating physical goods? Seems about right.
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Since I work in IT, the first thing that occurs to me is that our goods (not just PCs, but cars, refrigerators, TVs, ...) are much more complex and require more service workers. And then there's the regulatory burden, which is shouldered mainly by service workers.
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The scales are different. From the trough in 2010, the goods producing series increased 17%, while the service series increased 19%.
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