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Economics: Do service jobs create wealth?
Posted on 12/25/16 at 11:01 am
Posted on 12/25/16 at 11:01 am
Do so-called 'service jobs' actually create wealth, or merely re-distribute?
15
Posted on 12/25/16 at 11:04 am to FightinTigersDammit
Yes. Commerce can be divided between the general categories of Goods and Services. Both create wealth.
Welfare is redistribution. The welfare recipient performs neither a service nor produce a good.
Welfare is redistribution. The welfare recipient performs neither a service nor produce a good.
Posted on 12/25/16 at 11:16 am to Zach
Perhaps some of our economists could provide info here.
Posted on 12/25/16 at 11:18 am to FightinTigersDammit
Service jobs are necessary to support the buying and selling of tangible goods, so that's sufficient right there.
Posted on 12/25/16 at 11:19 am to FightinTigersDammit
I've often wondered about entertainment industry too
Posted on 12/25/16 at 11:22 am to FightinTigersDammit
Zach's answer is correct (even if the welfare portion is irrelevant to the OP) - you don't need an economist in this case. Services provide people with value, providing people with value is the mechanism through which wealth grows
This post was edited on 12/25/16 at 11:23 am
Posted on 12/25/16 at 11:23 am to ChineseBandit58
quote:
I've often wondered about entertainment industry too
How do you consume entertainment? With tangible goods.
The entertainment industry provides content, without which your TV and radio and DVD player would be glorified paperweights.
Posted on 12/25/16 at 11:39 am to FightinTigersDammit
I can do more with my time persorming my services than I can working on my HVAC. I will hire an HVAC guy to handle that, and he can hire me for my specialty. Wealth is created due to time being money, and the jobs getting done much more efficiently than DIY everything.
Posted on 12/25/16 at 11:43 am to FightinTigersDammit
No. Service jobs don't create and produce anything.
Posted on 12/25/16 at 11:55 am to PrimeTime Money
quote:
No. Service jobs don't create and produce anything.
Well, let's get rid of all of our cops, courts, prisons and military branches and see what happens to the economy.
Posted on 12/25/16 at 12:10 pm to PrimeTime Money
quote:
No. Service jobs don't create and produce anything.
But they support the distribution of tangible goods. If you can't get your goods to market you might as well not produce them.
Posted on 12/25/16 at 12:12 pm to FightinTigersDammit
Accounting is probably the largest service job in the United States and it creates an inestimable amount of wealth, by correctly allocating resources or ensuring it isn't taxed out of existance.
Why wouldn't service jobs create wealth?
Why wouldn't service jobs create wealth?
Posted on 12/25/16 at 12:12 pm to FightinTigersDammit
Ask an orthopedic surgeon if his job creates wealth.
Posted on 12/25/16 at 12:13 pm to FightinTigersDammit
Yes. The service industry accounts for 95% of the consumption of cigarettes and energy drink products. That's a big windfall for companies like Phillip Morris (Marlboro lights) and Coca Cola (monster energy)
Posted on 12/25/16 at 12:17 pm to PrimeTime Money
A factory can't sell its goods without maintainers to keep the factory in serviceable condition, truck drivers to carry the product and raw material, salesmen to find buyers, accountants to manage the books, and someone to coordinate and run the different groups.
Posted on 12/25/16 at 12:23 pm to MadDoggyStyle
quote:
k an orthopedic surgeon if his job creates wealth.
The demand for his service allows him to trade his skill for other's wealth.
Posted on 12/25/16 at 12:33 pm to Turbeauxdog
Hell, the guy who built your home did not produce a product. He performed a service. Other people produced the lumber, roofing, wiring, etc.
Posted on 12/25/16 at 2:59 pm to Bestbank Tiger
quote:
The entertainment industry provides content, without which your TV and radio and DVD player would be glorified paperweights.
Not only that,the content is exported and consumed all over the world.
Don't know anyone would think that it doesn't.
Posted on 12/25/16 at 3:16 pm to RD Dawg
The Romans relied on 'Bread and Circuses'. Bread was a product. The Circus was a service in the entertainment field. Modern day reality shows got nothin' on watching a bunch of Christians getting eaten by lions.
Posted on 12/25/16 at 3:20 pm to Zach
quote:
Hell, the guy who built your home did not produce a product. He performed a service. Other people produced the lumber, roofing, wiring, etc.
The home builder used the already made materials and the labor of his employees to create something more valuable than the total of it's components. The difference in value's is the wealth he created. This is exactly like the Auto manufacturer. Now the question is weather the advertiser of the car or the real estate agent creates wealth. In Europe where there is a value added tax I don't think these services would not taxed. Although the politicians may try to tax anything.
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