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What % of the US economy is services, and what % are services in which providers sell their time?
By Rose | January 3, 2008
scottmichael777 asked:
I’m looking to evaluate the US economy first in terms of good versus services. And then, within services, to evaluate how many of them involve service providers selling their time, as lawyers, therapists, and accountants do.
Howard
I’m looking to evaluate the US economy first in terms of good versus services. And then, within services, to evaluate how many of them involve service providers selling their time, as lawyers, therapists, and accountants do.
Howard
Topics: US Economy | 2 Comments »
January 5th, 2008 at 8:03 am
In the US, Gross Domestic Product is composed of 1% agriculture, 22% industry, and 77% services. Only Hong Kong seems to have a higher percentage of services. I don’t think its correct to say that some services involve someone only selling their time. All services are provided by a mixture of capital and labor. Lawyers, therapists, and accountants need offices, and the cost of this is included in the value of their service. Transportation services such as flying on an airplane require both people (pilots, ground maintenance, etc) and equipment (airplanes, airports). I can’t think of any service that does not require something more than just people selling their time.
January 7th, 2008 at 12:23 am
Check the Economic Survey to get the full figures.