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)

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

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