Determining the composition of production

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A century ago, gross domestic product of the United States came primarily from the production of tangible goods (a.k.a. manufacturing). Today, GDP of the US is weighted heavily toward the production of services. The basic issue on the table for discussion is whether this is a good thing. Can standard of living in the United States, or any country for that matter, continually improve if aggregate production is composed of more and more services, and less and less manufactured goods?

What, if any, role should government policy play in determining the composition of production

Reference no: EM132285495

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