However, I think the most important takeaway was the idea that you should always strive to create more value than you extract. Only when this happens does the economy as a whole grow and everyone benefits.
Of course this is exactly the opposite of what the "geniuses" on Wall St do when they come with financial instruments like derivatives and CDOs. They find a way to make a lot of money for themselves without actually contributing any real value to the equation.
For all of the derision I've heaped upon Apple (and rightly so I believe) over its policies of pursuing patents and patent litigation against competitors I still believe that on the whole the company has created far more value than it has extracted, at least so far by creating great products that people want and inspiring others to do so as well. If Apple starts collecting huge royalty payments from competitors that could shift the equation, but it remains to be seen what will happen.
Ultimately for any company, the goal should be to first create outstanding products at a price point that customers can afford. When that happens, the profits will inevitably flow just as they have for Apple,and others. They create products that consumers want, thus employing people that buy more stuff and supporting a supply base and other surrounding businesses.
Triangulation 66 | TWiT.TV
Founder and CEO of O’Reilly Media, watcher of the alpha geeks, sharing their stories, helping the future unfold.
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