This article is to follow up a YouTube video that turned out “shitty”. So here is my model of the economy to help you find work in about 10 minutes.
The economy, despite its size, is really just ‘natural resources’, ‘manufacturing’, ‘retailing’ and ‘finance’. These four things make up a step.
Each step of the economy is based on how close the ‘natural resources’ are to the ground. At the first step, ‘natural resources’ are trees, minerals and oil. They are extracted, manufactured, retailed and the money goes into the financial system.
At the second step, the raw materials such as ingots, lumber and crude, also go through being manufactured, retailed and into the financial system.
And it is easier to think of these steps as a continuous spiral rather than discrete steps. The connection from one step to the next is the financial system that loans money for business investments.
When they speak of the ‘new service economy’ they really mean professional services like Engineering, Medicine and Law, not the retailing aspect of the ‘old economy’. Usually these ‘old economy’ jobs are higher paying because they ask for commitment and some basic skills-training.