Mobile services, like software, are mobile. Nothing ties them to their consumers. Non-mobile services, like healthcare and hairdressers, aren’t exportable. (An

Mobile services, like software, are mobile. Nothing ties them to their consumers. Non-mobile services, like healthcare and hairdressers, aren’t exportable. (And calculations are entirely COL-based; 20% inflation causes a 20% rise in cost of haircuts which causes a 20% rise in their contribution to GDP). Counting non-tangible, immobile, non-exportable goods is not useful as a measure of productivity. As for financial services: what do they make. It’s a lot of “value” entirely generated by accounting. There’s nothing tangible backing it; KPMG’s accounts might as well be in cryptocurrency for all that they can be used to materially improve lives. You can’t eat a futures contract and you can’t make anything with a credit default swap. The financial system is all musical chairs.