Re: The stock market responsible for the decline in British industry?

On Sat, 26 May 2007 19:56:23 +0100, Joe wrote:

FriarTuck wrote:
On Fri, 25 May 2007 15:08:37 -0700, Mel Rowing wrote:

>> In fact that is
what is happening as the economy moves over towards service
industries, design, research and development and high tech
manufacture. The danger, as I see it, is the adequacy of the skill
base.

It is true that we have lost a large number of basic manufacturing
jobs over past years.


but the gap between rich and poor in this country is possibly the biggest
it has ever been.


Two sides of the same coin.

In a largely manufacturing economy, a rise in the standard of living
implies wages rising faster than the price of goods. This is achieved
by increasing productivity, and it would in theory be possible for
everyone's standard of living to rise.

In a largely service economy, an increasing standard of living implies
that some wages rise faster than the wages of those who actually provide
the services. Therefore only some people can enjoy rising living
standards, and on the whole they are the people who don't provide the
services.

sounds like that false capitalist science "economics" to me....

.

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