We need new ways to measure the 'weightless' economy

Article Abstract:

There has been growing interest from a number of influential sources in the areas of the economy which are not really taken into account because they are very hard to measure. It is becoming increasingly accepted that traditional official statistics are not very good at measuring most of national output, especially the value which is being created by service industries. Official statisticians are responding by looking at the possibility of dividing the economy into services, manufacturing and information.

Practice, Economic forecasting

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Industrial decline is no horror story, just a sign of success

Article Abstract:

It is possible to argue that developed countries which are losing their manufacturing jobs to the developing world are showing signs of economic success, rather than decline. Indeed, de-industrialization can be interpreted as the natural outcome of successful economic development. Productivity growth leads to employment and output moving from agriculture to manufacturing and then to services. De-industrialization is a sign that manufacturing has been successful in increasing productivity and efficiency.

Industrial development, Industrialization

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Weightless economy produces a new breed of superstar

Article Abstract:

Industrial economies are clearly shifting away from manufacturing and towards services. The share of income spent on services has increased dramatically, even though people still want to own physical goods. The economy is dematerialising, and this means that it is now going beyond traditional national boundaries. Some observers feel that this trend will also lead to greater inequality, strengthening the existing trend for the strongest economies to become stronger and the weakest ones weaker.

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