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Goods producing economy is an economy whose central method of capital accumulation is the manufacture of goods for consumers, for public consumption or for private economic use. I
t has been claimed for several years that western societies have passed through this goods producing economy, or industrial, stage and have now entered a new economy founded on the delivery of services and the production and dissemination of knowledge.
Service economy is contrasted with a goods producing economy and refers to an economy based largely on the provision of service rather than manufactured goods.
Goods producing economy is usually contrasted with service economy and refers to an economy based largely on manufacture of goods rather than the provision of service. In the last two decades the industrial makeup of Pennsylvania has changed from a goods-producing economy to a predominantly service-providing economy.
The trend from a goods producing economy to a service economy does not bode well for growing sales tax revenue since services are less likely to be taxed than durable and non-durables. If the development perspectives of the information society are as promising as the common discussion now indicates, traditional concepts of a goods-producing economy will partly be superseded.
Cornfield explains union membership has declined because there has been a shift from a blue-collar goods producing economy toward a white-collar, service-providing 'post-industrial' economy that has generated union membership losses. The Post-Industrial Society has moved from a goods producing economy to a largely service economy. At the highest level, all economies are categorized as either Service-Providing economy or Goods Producing economy.