U.S. economic statistics like the GNP accounts are vastly obsolete because their categories were designed in the 1920s for an economy that no longer resembles today's; new activities get forced into old categories, and anything that doesn't fit gets labeled a 'service,' producing the misleading notion of a 'service economy.'
factualpending
Speaker
George ShultzEvidence Quote
“we're constantly fitting new things into old spaces and when you don't have a space you call it a service then we say we have a service economy”
Created: 6/15/2026, 9:20:22 AM
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