Upvoted because its a good starting point for discussion, but I don't know if I necessarily agree with the premise. Why should anyone go into a productive industry (by which it sounds like he means anything in which there is an end product) as we move into a service economy and production continues to be off-shored? Or maybe I'm misunderstanding/missing the point. It seems like people at all levels should go where the money and jobs are.
When it's finally explained how service economy can be sustainable long-term, I suspect many people would have no problem with outsourcing production whatsoever.
It is something to think about. Service jobs were appealing because they seemed impossible/impractical to outsource, but its not necessarily the case with many anymore. Doctors/lawyers/realtors and the like will always be protected by their professional associations creating a barrier to entry through licensing and legislation. Maybe we'll see a rise in these sorts of regulatory boards for other professions.
Maybe we'll see a rise in business creation when people can't get a job working for someone else. It happens during every recession. I wonder what the impact would be of corporate jobs becoming increasingly rare.
You sell investment banking advice, software and self-help books to the Chinese, the Chinese sell you cars and dish washers. What's not self-sustaining about this?
(Of course, the USA still produces lots of stuff you can kick. Don't worry.)
How many Americans are fit for working as investment bankers? OK, you would also need a handful of plumbers, hairdressers and real estate agents to accommodate for the needs of Wall st. Is that it?
Also, where the confidence that Chinese would continue to need American investment advice comes from? If they get the majority of capital and trade along with industrial base, wouldn't these jobs simply follow the money? Americans certainly didn't need any external help back in the day.
America did use lots of foreign help back in the day. The British helped finance the railways. But America did not rely on foreign finance forever. After the First World War there were the greatest creditor nation.
The rise of America has not dented the European standard of living. And neither should the rise of China curb the American living standards. Relative decline is not absolute decline.
