shares a new essay, below, about the current economic crisis:
Accounting methods really haven't been updated to keep up with the changes as service and information economy overlays have changed the game. We have no way to account for our greatest assets in the modern economy -- talent, staff loyalty, team productivity in innovation, effective communication of information through media and business channels, and so on. These are all without accounting value in our current systems.
Iconoclasm: Wall Street -- the chickens come home to roost
Today, value is added by shifting assets through complex smoke-and-mirror complexities in the financial markets. Or, value is created by applying talent (our largest intangible) stabilized by loyalty and passion to task (our least quantified intangibles, and the root of real innovation and productivity) in the information economy.
Tangible industries -- heavy industries, retail,... -- have been transformed by supply chain innovations, but even globalized, are well enough understood.
But a huge amount of the wealth creation since the invention of the transistor is intangible, and since we have no way to quantify and account for innovation, creativity, excellent records of technical teams, and so on, the market has tried to find tricks to value them, mostly through the stocks of information economy firms.
Since so few people really understand tech, PR, marketing and flim-flam have become the greatest influence on the value of any technical or informationally complex company.
Neglected public payphones in New York City are being turned into “GuyFi” stations: a place where one can rub one out for the sake of “stress relief.” Annalee Newitz reports on the wank booths from a company named “Hot Octopus”… The company reported that at least 100 men used the booth on its opening day […]
You’d be forgiven for thinking the videocassette format long-dead, but it turns out that Betamax is still around. Sony is finally going to withdraw tapes from sale, bringing a 40-year story to an end. The last recorders were sold in 2002. ベータビデオカセットおよびマイクロMVカセットテープ出荷終了のお知らせ [Sony; via The Verge]
A leaked Comcast memo discloses that the company’s consumer data caps have nothing to do with network congestion, contrary to its public claims. The internet service provider has often complained (such as when lobbying against net neutrality) that it must impose limits on service to prevent network congestion. The argument suggests that these measures are […]
Remember back to the time when people thought java was just a hip way to talk about coffee? Or you vaguely remembered from geography class that it’s an island in the South Pacific? We’ve come a long way since then and now that we’ve rocket blasted into the tech future, you’re going to need to […]
Plastic is so 2013. You don’t want to buy something only to throw it away or lose it and barely care. You like nice things and want to hang onto them. The Plazmatic lighter here is a high quality, high tech alternative to the typical cheap, plastic lighter you get at the old gas station. […]
Real engineers build things. Super cool engineers build things with their hands and fingers, like our engineering forefathers did. No idea where to even begin to do that? This step by step Arduino course is now 92% off and is going to get you up and running, from zero to hero, in no time. So […]