A Quote by Michael Spence
One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes.
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As more and more people are automated out of the economy through robotics and self-driving cars and other technologies, there will be a way to create value for other human beings online. There will be a virtual economy for exchanging value, goods and services, entertainment experiences, and all that.
As consumers are being asked to pay more of the cost of healthcare services, they will increasingly demand more value and will also ask for more transparency and tools to determine the value they are receiving.
The commerce between India and Africa will be of ideas and services, not of the manufactured goods against raw materials after the fashion of the Western exploiters.
Interdependence must be transformed into solidarity based upon the principle that the goods of creation are meant for all. That which human industry produces through the processing of raw materials with the contribution of work must serve equally for the good of all.
I am a Prince," he replied, being rather dense. "It is the function of a Prince—value A—to kill monsters—value B—for the purpose of establishing order—value C—and maintaining a steady supply of maidens—value D. If one inserts the derivative of value A (Prince) into the equation y equals BC plus CD squared, and sets it equal to zero, giving the apex of the parabola, namely, the point of intersection between A (Prince) and B (Monster), one determines value E—a stable kingdom. It is all very complicated, and if you have a chart handy I can graph it for you.
Like gold, U.S. dollars have value only to the extent that they are strictly limited in supply. But the U.S. government has a technology, called a printing press (or, today, its electronic equivalent), that allows it to produce as many U.S. dollars as it wishes at essentially no cost. By increasing the number of U.S. dollars in circulation, or even by credibly threatening to do so, the U.S. government can also reduce the value of a dollar in terms of goods and services, which is equivalent to raising the prices in dollars of those goods and services.
I don't look at business as a zero-sum game. I don't. I've never seen it play out that way in our industry, and I think you innovate and you add value, deliver value back to customers, and you get value back from the world.
Determine value apart from price; progress apart from activity; wealth apart from size.
One way to quantify the immigrant contribution to the overall economy is to measure their share of the U.S. economic output. One such examination for the years 2009-2011 found that immigrants contributed 14.7 percent of the total economic output.
We spend too much time fretting over the way the industry produces programming, and too little worrying about the way the public consumes it.
We spend too much time fretting over the way the industry produces programming, and too little worrying about the way the public consumes it
For every company that sees the value of their capital go up, there's another company that has been disrupted, and the value of their capital gets marked down because it's not going to compete in the same way.
It's just easier to talk about product attributes that you can measure with a number. Focus on price, screen size, that's easy. But there's a more difficult path, and that's to make better products, ones where maybe you can't measure their value empirically.
An economy that adds value through information, ideas, and intelligence-the Three I Economy-offers a way out of the apparent clash between material growth and environmental resources.
The most meaningful way to differentiate your company from your competitors, the best way to put distance between you and the crowd is to do an outstanding job with information. How you gather, manage and use information will determine whether you win or lose.
The way to improve productivity is not to bring in experts to talk about inputs - seed, equipment and materials, pesticides or water supply. The way to start is to provide an assured market, a fair price, and a system through which rural producers can market their produce which is reasonably efficient and can transfer to them the maximum share of the consumers' money. If such a structure is erected, the producers will then seek the inputs and materials they need to increase their production and productivity.
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