Final answer:
Both manufacturing and services are crucial elements of the economy; manufacturing has traditionally driven prosperity through value-added activities, while the service sector now dominates GDP and employment. The importance and influence of U.S. manufacturing have changed over time and now focus more on technology and less on heavy industry.
Step-by-step explanation:
Whether manufacturing or services hold greater importance is a complex question, as both contribute significantly to the economy. Manufacturing processes, by transforming raw materials into goods with higher use value, have historically underpinned economic development and prosperity. For much of the 20th century, manufacturing jobs supported a high quality of life for many American workers, offering good pay without necessitating extensive education or training. This has changed with global competition and shifts in economic policy, leading to a decline in these roles.
On the other side, services now represent the most substantial part of the GDP, with an ever-growing share over time. Industries such as healthcare, education, legal and financial services are not only critical but have also become the primary employment sectors. In a modern economy, workers often engage more with information and people than with physical goods, reflecting a significant shift from traditional manufacturing bases.
Considering the value added by both sectors, one cannot be deemed more important than the other. Manufacturing has an unparalleled role in enabling economic growth through value-added processes, while services are essential to sustain that growth and provide the necessary infrastructure for a society's operation. The U.S. manufacturing influence has evolved, shifting from heavy industry to technology-intensive sectors, impacting global markets and labor dynamics differently than in the past. Services like plumbing, journalism, and marketing illustrate a hybridization, utilizing physical resources, yet not to the extent of traditional manufacturing industries.