Caixin OnlineOpinionCommentaries A Farewell to Factories
04.24.2012 18:18

A Farewell to Factories

Calls to address decline of manufacturing sector in the United States are misguided
By Gary Becker
 

Manufacturing employment as a fraction of total employment has been declining for the past half century in the United States and the great majority of other developed countries. A 1968 book about developments in the American economy by Victor Fuchs was already entitled "The Service Economy." Although the absolute number of jobs in American manufacturing was rather constant at about 17 million from 1969 to 2002, manufacturing's share of jobs continued to decline from about 28 percent in 1962 to only 9 percent in 2011.

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