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I have misgivings as to whether the share of the working population employed in manufacturing is the best measure of "industrialization." In my view, combining that measurement with a measurement of output or productivity would tell us a lot more. For example, Chinese and Mexican manufacturing accounts for a much larger share of output than it did at "peak employment," so it makes little sense to say that these country's as "deindustrialized."
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Sep 29, 2014