... labour which is employed. This is evident in more economically developed countries such as USA and Japan As mentioned above, the most noticeable change in the structure of the economy over the past 50 years has been the decline in manufacturing. In 1954 it accounted for 35.4% of GDP, in 1964 29.5% but by 1995 it only contributed 20.7% of GDP. Moreover, from employing 38.1% of the workforce in 1964 (around 8.9 million people), by 1995 only 18% of the workforce (roughly 3 million people) was involved with the sector. This dramatic decline has opened the question of whether it is a cause for concern but is argued that it is merely part of the maturity of the economy. Or is it? One of the reasons that these changes in the economy occurred could be due to market saturation. For example, a households need to cook is satisfied by the possession ...

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