> "service economy" was always a meme being sold to the gullible masses, manufacturing capacity is the only thing that matters for an economy.
Service economies work great in places where food and housing are free, so money is only needed to buy luxury goods. They only work poorly in the US because capitalists have leverage over service workers.
Service economy is kinda fun when you really think about it. Rather few sectors really make sense. Food, you can't make living just by selling food to each other, the ingredients and hardware has to come from somewhere. Hospitality quite similar. Banking? Banking and finance is just extracting money from others, and actual goods produced is quite minimal... Same can be said from quite many other field like law. Some of the work does increase productivity, but you have to have some base line of it to increase...
Service economies work great in places where food and housing are free, so money is only needed to buy luxury goods. They only work poorly in the US because capitalists have leverage over service workers.