 Growth in the Service SectorR. M. Sundrum Chapter 7 in Economic Growth in Theory and Practice, 1990, pp 136-149 from Palgrave Macmillan Abstract: Abstract As Solow (1977) put it, ‘There is an awful lot of GDP that is neither manufacturing nor primary production’. In fact, in the classification of sectors generally adopted in national accounts, all production other than those which clearly belong to the agricultural (or primary) and industrial sectors is put into the service sector. When goods are put into the service sector on the negative criterion that they do not belong to the commodity producing sectors, one of the main characteristics distinguishing them from other goods is that of intangibility. Another related characteristic is that they are generally not storable, for example, they cannot be embodied in investment or durable consumer goods which can serve for a long period; it is for this reason that the classical economists considered the hiring of labour by the landlord class as ‘unproductive consumption’. Another consequence is that they are not generally the subject of trade between countries, and are treated as non-tradables; in fact, however, they enter into international trade in some forms. Keywords: Capita Income; Labour Productivity; Service Sector; Industrial Sector; Relative Price (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-0-230-37681-6_7 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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