June 24, 2013
Progress dictates that we determine our future based not on history but on future needs. We did not need an industrial sector before we had one.
The service sector is the largest employer and supplier of needs. Without technology and medicine, today’s world would be pretty awful. Those primary elements of productivity are not the source of all productivity. People are. Innovation and ideas are worth more than widgets or burnt coal.
I think we have yet to find an economic path that works for everyone, but so far what we have evolved with a thriving service sector is better than centralised wealth only consequential on primary production being the mainstay of all economic activity. More directly: the fewer people who can make money from the productive activity, the smaller the economy.
Banks do create money. Investment does create money. But for 100% employment to be possible, there has to be value for services and ethical organisations. Primary sectors are always smaller than what they grow. It is wrong to think we rely upon them for growth.
World class education is our most valuable export.