Over the past four decades the wealthiest OECD economies-in Europe, North America, and Australasia- have faced massive structural change. Industrial sectors, which were once considered the economic backbone of these societies, have shrunk inexorably in terms of size and economic significance, while service sectors have taken over as the primary engines of output and employment expansion. The impact on labor markets has been profound: in many OECD countries more than three-quarters of employment is now in services, while industrial sectors, on average, account for less than one-fifth.
This...

Over the past four decades the wealthiest OECD economies-in Europe, North America, and Australasia- have faced massive structural change. Industrial sectors, which were once considered the economic backbone of these societies, have shrunk inexorably in terms of size and economic significance, while service sectors have taken over as the primary engines of output and employment expansion. The impact on labor markets has been profound: in many OECD countries more than three-quarters of employment is now in services, while industrial sectors, on average, account for less than one-fifth.
This...