We Must Save America’s Manufacturing Sector
Many economists believe that America will flourish in the postindustrial service economy. For instance, Lawrence Summers, who was chairman of the National Economic Council under President Obama, said, “there is no going back to the past where manufacturing was the dominant sector in the economy.” He also said the new service economy would be built on “healthcare, retail, recreation, education, haircuts, insurance policies, hotels and homes.” I think that Lawrence Summer’s view, unfortunately, is the viewpoint of most American economists, and it has led to the deindustrialization of our economy.
In a 2016 article, economics journalist Ben Casselman said that Americans are nostalgic for manufacturing ...
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