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A service based economy places more importance on service industries than manufacturing in advanced economies. Service industries are health, human services, information technology, retail, financial services and education.[i]
Someone I heard describing the transition for workers said "it's like someone trained in flooring sales trying to sell airplane parts". Selling airplane parts requires a knowledge of airplanes and aircraft parts, much different than the knowledge required to sell flooring.
So, how do we get to the next level. Well, the Trade Agreement that start with NAFTA, and went on to encompass most of the world left the United States without much of its manufacturing base, and the jobs that went with that base. We are left with trying to train those people to work in services, I guess that's where human services and education comes in.
My question is this, what happens when they're trained, oh well the younger people need training too, but of course the birthrate is down. Some states, like Maine, have lost population, and are "graying states" where the older people outnumber the young ones. I guess that's where health services comes in. But what happens when we die.
Do you see where I'm going? Of course I'm guessing because I was trained in aircraft parts and so was Wilbur.