We've all heard about the emergence of a service economy - a scenario in which you cut my hair, I'll shine your shoes, and prosperity will follow. Services, however, survive on a surplus of wealth-creating endeavors. If there were no surplus produced by our economic engines, if everyone lived hand-to-mouth producing only the bare essentials as in primitive agrarian societies, services, as we understand them, would not exist.
But what produces this "surplus?" In a word - technology. Without technologically driven gains in human productivity generating a widening surplus, we are doomed to a Hobbesian life: nasty, brutish and short.
The U.S. became an engine of wealth by …
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