A Quote by Doug McMillon
If you want to think of a company as a system, design the system to benefit all. So how can you raise wages, increase training, and reduce carbon, and provide low-prices? We believe that it's possible to deliver, and I find a lot of other likeminded CEOs, as it relates to thinking that way.
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You can't tell me you can make any system or country work with low wages and high prices, and high wages with high prices don't mean anything when the prices eat up the wages and don't leave anything over.
Requiring the payment of higher wages will lead to a loss of some jobs and a raising of prices which drives companies to search for automation to reduce costs. On the other hand, those receiving higher wages will spend more (the marginal propensity to consume is close to 1 for low income earners) and this will increase demand for additional goods and services. Henry Ford had the clearest vision of why companies can actually benefit by paying higher wages.
The desire to punish is a desire that emanates from a place of equality and justice. The lesson I feel that we have to confront is that that impulse is so easily transmuted into something corrosive and corrupt in how it's actually put into practice. That's the danger. It's not that the impulse is wrong or unjust or not totally righteous. It's that the ways in which the system that operates, the system that we've constructed tends to not deliver the promise of equity we might want, when we look to the system to provide it.
If a rise in wages does not raise prices, a fall will not reduce them.
By continuing to increase teacher recruitment and training - and ameliorating wages and working conditions - we will be able to shore up the weaknesses of the French education system.
The American people have no idea they are paying the bill. They know that someone is stealing their hubcaps, but they think it is the greedy businessman who raises prices or the selfish laborer who demands higher wages or the unworthy farmer who demands too much for his crop or the wealthy foreigner who bids up our prices. They do not realize that these groups also are victimized by a monetary system which is constantly being eroded in value by and through the Federal Reserve System.
We think of prices as simply the notation of how much we must pay for things. But the price system accomplishes far more than that. Hundreds of millions of people buying and selling, and abstaining from buying and selling, generate a system of signals - prices to producers and consumers about relative scarcities and demand. Through this system, consumers can convey to producers their subjective priorities and entrepreneurs can invest accordingly.
I've talked to several CEOs - from a recycling company in Indiana, a furniture company in Kentucky, a brewing company in Colorado, and more - who believe paying higher wages is both the right thing to do and part of a successful business model.
I don't know if I ever mentioned back in 2002 we fought our way into a governor's debate in Massachusetts where, you know, this was televised and I articulated our usual agenda: cut the military, put the dollars into true security here at home, provide healthcare as a human right, raise wages which needed to be living wages, green our energy system, equal marriage? - we were the only ones talking about it back in 2002.
When artists connect to a system because they want to make a living, it's their own choice. In fashion, designers don't have that choice. I know everybody mentions Azzedine Alaïa, but he's been going for a long time in the system - showing to people, selling to clients - and I think it's admirable how he's transformed it into his own system in a way, but it's still a system.
Behavioral scientists distinguish between fast thinking and slow thinking. Fast thinking is represented in the mind's System 1: it is automatic, intuitive, and often emotional. Slow thinking, reflected in System 2, is deliberative and reflective; it likes statistics. It's hard to think of a purer System 1 candidate than Trump.
In comparison to the U.S. health care system, the German system is clearly better, because the German health care system works for everyone who needs care, ... costs little money, and it's not a system about which you have to worry all the time. I think that for us the risk is that the private system undermines the solidarity principle. If that is fixed and we concentrate a little bit on better competition and more research, I think the German health care system is a nice third way between a for-profit system on the one hand and, let's say, a single-payer system on the other hand.
The idea that in the system, if you manage it in an optimum way, all of the constituent parts of the system also win, flourish, and benefit, is intrinsic to business and even to capitalism itself, properly understood. But people don't understand it because we're not taught to think that way.
We're talking about should we increase taxes? Why not put a tax on carbon emissions. It would raise a lot of money, it would reduce the environmental damages in the future, it would solve so many problems, and it would be a much more constructive thing to do than to think about raising the income tax.
I think that many citizens understand how our system works, or rather, fails to work, for structural reasons. But who has the capacity and the incentives to bring change? The banks and other corporations love the system because it allows them to buy legislation that serves their own interests even at the expense of the vast majority of citizens. Incumbent politicians love the system because it allows them to raise millions of dollars toward defending their seats.
The real bug here is that the design of the system even permits this class of bug. It is unconscionable that someone designing a critical piece of security infrastructure would design the system in such a way that it does not fail safe.
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