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.
It’s the end of an era, sort of: Fraunhofer IIS, the developers of the MP3 audio compression format, announced that they are ceasing their licensing program. In a blog post, spokesman Matthias Rose says that it’s had a good 20-year run and is obsolete. But it’s also true that the decoding patents expired last year, […]
Freddy deBoer writes that he’s been telling the same joke for years about Silicon Valley’s only product, which might be universalized as “At last, a way to verb with nouns on the internet!” But the social-media techopoly is stable, now, and so the venture capitalists have moved on to the three terrible trends that will […]
Alex Wood is an addict but won’t give up his smartphone. But he has five strategies for limiting its control over him: “I used to wake up tired. My body would ache and my head felt sore, like waking up with a hangover. Finally, I took control, like attending an AA class for addicts, I […]
If you are camping during rainy season, or just want a TSA-approved lighter, these plasma torches make perfect travel companions. These gas-free lighters create a small plasma beam that’s safer than butane to use and more environmentally friendly. It creates a super-hot, splashproof flame so you can get a campfire going, or have a smoke […]
If you don’t want to get stuck footing the bill for a hit and run, this dashboard-mounted camera offers up to 2K resolution to make sure you always have a reliable witness, and it’s available in the Boing Boing Store for 30% off it’s usual price.The PapaGo mounts unobtrusively to your windshield to see everything […]
While some people still maintain that everything in Apple’s walled garden “just works” and is immune to the rampant malware of the Windows world, the reality is different. The Mac’s growing market share has made it a much more viable target for malicious actors, and its built-in tools aren’t always enough to fix things. Drive […]