On the other hand, the demand for leisure tends to rise with income, and demand grows faster than productivity in health care and education. Fundamentally, leisure-time activities, education, and health care are the sectors of the economy you want to gravitate toward if you want to go where spending is going to increase."
Saturday, February 19, 2005
TCS: Tech Central Station - The Millionaire Next Door vs. the Politician in Washington
TCS: Tech Central Station - The Millionaire Next Door vs. the Politician in Washington: "In 1875, food/clothing/shelter accounted for 74 percent of total consumption (including leisure). In 1995, they accounted for just 13 percent of total consumption. For material goods, productivity tends to grow faster than demand, so that a smaller fraction of resources is devoted to them. We see that in the ever-declining proportion of the work force engaged in agriculture, mining, and manufacturing.
On the other hand, the demand for leisure tends to rise with income, and demand grows faster than productivity in health care and education. Fundamentally, leisure-time activities, education, and health care are the sectors of the economy you want to gravitate toward if you want to go where spending is going to increase."
On the other hand, the demand for leisure tends to rise with income, and demand grows faster than productivity in health care and education. Fundamentally, leisure-time activities, education, and health care are the sectors of the economy you want to gravitate toward if you want to go where spending is going to increase."
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