Also, new organizations have emerged, developing new systems for collecting alternative data, such as rent payments and other recurring payments that will enable creditors to evaluate creditworthiness of consumers who lack experience with credit. Improved access to credit for consumers, and especially these more-recent developments, has had significant benefits. Unquestionably, innovation and deregulation have vastly expanded credit availability to virtually all income classes.
That is the move from an industrial to a post-industrial society. In the 1950s, 30% of the US labour force was employed in manufacturing. Now the number is 10%. We have moved to a service oriented society. In the service industry, capacity utilisation cannot be measured by counting idle capacity in factories. Besides, productivity growth can only be estimated in an imprecise way.