9. Industry Evolution

A century ago, industry was overtaking agriculture as the main source of economic growth and employment. Many decades later, it was the turn of the service sector to claim a gradually bigger portion of the economic pie, as shown in Exhibit 9-1.

Exhibit 9-1. Changes in U.S. Employment by Sector (1800 to 2001) (Source: Historical Statistics of United States: Colonial Times to 1970, Susan Carter, Scott Gartner, Michael R. Haines, Alan Olmstead, Richard Sutch, Gavin Wright (editors), Cambridge University Press, 2001)


Today, the service sector occupies the lion share of economic output in not just the United States (Exhibit ...

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