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
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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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People are addicted to being ingratiatingly served more than they are addicted to things, and the things last longer than the flattering experiences, so buying things gets delayed more in a recession than buying flattery.
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Should we expect the gap to close or is this part of a bigger trend of people “consuming” experiences instead of things?
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The gig economy depends on more people people trading their free time for extra cash, & in an economic climate where many are willing to do just that, a variety of market opportunities taking advantage of their labor to provide services are successful that didn't exist previously
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It provided an opportunity for the reallocation of capital. The equilibrium was probably already shifting before the recession. Once investors had the chance to pick new investments, those jobs did not come back.
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A recession is a catalyst.
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The answer is mostly outsourcing. Manufacturing went overseas and never came back. Globally the graph would not be the same. Also software started becoming a larger section of the economy and replacing goods. Why buy a guutar tuner when I can get a free one on my phone?
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