Mar 18, 2020, 11:11 AM
There are no multipliers to services jobs – they are categorically consumptions. Services jobs are only possible because of productive jobs. In that sense services are part of the hyper-consumptive economy. They are a measure of your hyperconsumption. But something must make hyper-consumption possible: something with multipliers.
Multiplier: a phenomenon whereby a given change in a particular input, causes a larger change in an output.
Productivity: the effectiveness of productive effort, especially in industry, as measured in terms of the rate of output per unit of input (time).
These terms are relative synonyms, and multiplier usually refers to government returns on investment, and productivity to commercial returns on investment. instead of government vs private sector, I tend to use these terms to emphasize why (multiplier) or how (productivity).
Services: a term that refers to the production of intangibles. So goods (products) vs services (actions) vs information (knowledge). However some services are defensive (emergency services, health care), some are productive (financial services, legal services), and some are consumptive (waiter, waitress, entertainer, travel and leisure.)