3 ms·
When you get to a 70% service sector of course growth is going to be low [1]. Waiters aren’t anymore efficient than they were 100 years ago (probably less) and
by danieltillett 10y ago
When you get to a 70% service sector of course growth is going to be low [1]. Waiters aren’t anymore efficient than they were 100 years ago (probably less) and the same applies to nearly every service industry. Without improvements in unit labor costs then the economy can't grow per capita.
1. http://data.worldbank.org/indicator/NV.SRV.TETC.ZS http://data.worldbank.org/indicator/NV.SRV.TETC.ZS