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Value creation.
譯者: Pei-Chen Benson Liu 審譯者: Helen Chang
Wealth creation.
創造價值
These are really powerful words.
創造財富
Maybe you think of finance, you think of innovation,
都是很有份量的詞
you think of creativity.
也許你聯想到金融、創新
But who are the value creators?
或是創意
If we use that word, we must be implying that some people aren't creating value.
但究竟誰創造了價值?
Who are they?
說這話的意思就是
The couch potatoes?
並非所有人都在創造價值
The value extractors?
誰沒貢獻價值?
The value destroyers?
整天窩在沙發看電視的人?
To answer this question, we actually have to have a proper theory of value.
萃取價值的人?
And I'm here as an economist to break it to you
破壞價值的人?
that we've kind of lost our way on this question.
要解答這問題
Now, don't look so surprised.
我們先要有一個像樣的價值理論
What I mean by that is, we've stopped contesting it.
今天我以經濟學家的身分
We've stopped actually asking really tough questions
為各位解答
about what is the difference between value creation and value extraction,
我們迷失在這個問題上了
productive and unproductive activities.
別這麼驚訝
Now, let me just give you some context here.
我的意思是說
2009 was just about a year and a half after
我們已經全盤接受
one of the biggest financial crises of our time,
也不再強硬質疑
second only to the 1929 Great Depression,
創造價值和萃取價值的不同
and the CEO of Goldman Sachs said
生產活動和非生產活動的差異
Goldman Sachs workers are the most productive in the world.
我給各位講講背景知識
Productivity and productiveness, for an economist,
2009 年當時
actually has a lot to do with value.
近代最嚴重的其中一次金融危機
You're producing stuff,
才解除不到一年半
you're producing it dynamically and efficiently.
僅次於 1929 年的大蕭條
You're also producing things that the world needs, wants and buys.
高盛集團執行長聲稱
Now, how this could have been said just one year after the crisis,
他們的員工世上最有生產力
which actually had this bank as well as many other banks --
經濟學家認為生產力高低
I'm just kind of picking on Goldman Sachs here --
實際上和價值有很大關係
at the center of the crisis, because they had actually produced
你生產東西
some pretty problematic financial products mainly but not only related to mortgages,
用的是動態、有效率的方法
which saw many thousands of people actually lose their homes.
那些東西也是大家
In 2010, in just one month, September,
所需、所想、所買
120,000 people lost their homes through the foreclosures of that crisis.
危機才過短短一年半
Between 2007 and 2010,
那樣的說辭從何而生
8.8 million people lost their jobs.
而且這家銀行
The bank also had to then be bailed out by the US taxpayer
我只是拿高盛舉例
for the sum of 10 billion dollars.
當然還有其他很多銀行
We didn't hear the taxpayers bragging that they were value creators,
跟金融危機一點也脫不了關係
but obviously, having bailed out
因為這些銀行製造出
one of the biggest value-creating productive companies,
一些出問題的金融產品
perhaps they should have.
主要是抵押貸款
What I want to do next is kind of ask ourselves
讓成千上萬人失去房產
how we lost our way,
2010 年 9 月,僅僅這一個月內
how it could be, actually,
有 120,000 人因為這次危機
that a statement like that could almost go unnoticed,
房子遭銀行徵收而無家可歸
because it wasn't an after-dinner joke; it was said very seriously.
2007 至 2010 年間
So what I want to do is bring you back 300 years in economic thinking,
880 萬人失業
when, actually, the term was contested.
這家銀行更是用了
It doesn't mean that they were right or wrong,
美國納稅人 100 億美金
but you couldn't just call yourself a value creator, a wealth creator.
才脫離險境
There was a lot of debate within the economics profession.
納稅人可沒自詡他們創造了價值
And what I want to argue is, we've kind of lost our way,
但很明顯的
and that has actually allowed this term, "wealth creation" and "value,"
納稅人應以自己為榮
to become quite weak and lazy
拯救了這些
and also easily captured.
創造價值、又有生產力的大公司
OK? So let's start -- I hate to break it to you --
我接著想問大家
300 years ago.
我們如何迷失了方向
Now, what was interesting 300 years ago
我們怎麼會對那樣的陳述
is the society was still an agricultural type of society.
幾乎毫無所覺
So it's not surprising that the economists of the time,
因為那席話十分認真
who were called the Physiocrats,
並非只是玩笑
actually put the center of their attention to farm labor.
我想帶大家回顧
When they said, "Where does value come from?"
經濟概念的 300 年歷史
they looked at farming.
當時,光是名稱本身就備受爭議
And they produced what I think was probably the world's first spreadsheet,
那些公司並無對錯
called the "Tableau Economique,"
但不能無憑無據
and this was done by François Quesnay, one of the leaders of this movement.
給自己冠上價值、財富創造者的名號
And it was very interesting,
這個問題也曾激起經濟學界熱烈討論
because they didn't just say, "Farming is the source of value."
我認為我們已經迷失方向了
They then really worried about what was happening to that value
才讓「創造財富」、「價值」這些字
when it was produced.
失其份量,得來全不費工夫
What the Tableau Economique does --
可以脫口而出
and I've tried to make it a bit simpler here for you --
我很不想提起這件事
is it broke down the classes in society into three.
300 年前
The farmers, creating value, were called the "productive class."
300 年前,特別的是
Then others who were just moving some of this value around
整個社會仍然奉行農業
but it was useful, it was necessary,
想當然耳
these were the merchants;
我們稱那時的經濟學家是重農主義者
they were called the "proprietors."
他們把重心擺在農業勞力
And then there was another class that was simply charging the farmers a fee
當他們問:「價值從何來?」
for an existing asset, the land,
考慮的是農事
and they called them the "sterile class."
魁奈 (François Quesnay) 帶領其他人
Now, this is a really heavy-hitting word if you think what it means:
畫了可能是史上第一張表格
that if too much of the resources are going to the landlords,
稱作「經濟表」
you're actually putting the reproduction potential of the system at risk.
有趣的是
And so all these little arrows there were their way of simulating --
他們不只認為「農事創造價值」
again, spreadsheets and simulators, these guys were really using big data --
還很苦惱這些價值究竟是如何產生的
they were simulating what would actually happen under different scenarios
經濟表的功用便是
if the wealth actually wasn't reinvested back into production
我會試著不說得那麼難
to make that land more productive
經濟表將社會分為三個等第
and was actually being siphoned out in different ways,
創造價值的農民
or even if the proprietors were getting too much.
也叫作「生產階級」
And what later happened in the 1800s,
其他人便只是四處搬動這些價值
and this was no longer the Agricultural Revolution
但這種行為很有用且必要
but the Industrial Revolution,
這些人是商人
is that the classical economists,
稱作「業主」
and these were Adam Smith, David Ricardo, Karl Marx, the revolutionary,
還有另一階級
also asked the question "What is value?"
他們只用現有資產
But it's not surprising that because they were actually living
也就是土地,向農民收錢
through an industrial era with the rise of machines and factories,
稱為「不事生產階級」
they said it was industrial labor.
仔細想想的話
So they had a labor theory of value.
這詞其實很沈重,意思是:
But again, their focus was reproduction,
如果地主得到太多資源
this real worry of what was happening to the value that was created
則事實上整個系統 生生不息的潛力將受到威脅
if it was getting siphoned out.
這些箭號是當時經濟學者在模擬
And in "The Wealth of Nations,"
看到空白表格和模型
Adam Smith had this really great example of the pin factory where he said
不得不說他們運用了大數據
if you only have one person making every bit of the pin,
他們模擬不同情境
at most you can make one pin a day.
如果財富不再投入生產 讓土地更有生產力
But if you actually invest in factory production and the division of labor,
而是以不同方法分離出去
new thinking --
或如果甚至是業主獲利太多
today, we would use the word "organizational innovation" --
之後 1800 年代
then you could increase the productivity
農業革命已不復存在
and the growth and the wealth of nations.
工業革命取而代之
So he showed that 10 specialized workers
古典經濟學者
who had been invested in, in their human capital,
像是 Adam Smith, David Ricardo, Karl Marx
could produce 4,800 pins a day,
開創新制
as opposed to just one by an unspecialized worker.
也想瞭解「價值是什麼?」
And he and his fellow classical economists
但他們實際生活在工業化時代
also broke down activities into productive and unproductive ones.
機械、工廠到處林立
(Laughter)
他們的答案是工業勞力
And the unproductive ones weren't --
一點也不足為奇
I think you're laughing because most of you are on that list, aren't you?
他們提出勞動價值說
(Laughter)
重點仍是再生產
Lawyers! I think he was right about the lawyers.
他們極力想找出
Definitely not the professors, the letters of all kind people.
若價值分離到其他地方
So lawyers, professors, shopkeepers, musicians.
創造價值時會發生什麼事
He obviously hated the opera.
Adam Smith 在《國富論》提到
He must have seen the worst performance of his life
大頭針工廠這個很好的例子
the night before writing this book.
如果要一個人負責全部的步驟
There's at least three professions up there
一天最多就產一根大頭針
that have to do with the opera.
但如果有資源
But this wasn't an exercise of saying, "Don't do these things."
投入到工廠生產和勞力分工
It was just, "What's going to happen
這是新的想法
if we actually end up allowing some parts of the economy to get too large
我們現在稱之為「組織創新」
without really thinking about how to increase the productivity
這樣生產力便會增加
of the source of the value that they thought was key,
國家也會成長、更加富裕
which was industrial labor.
他提到了 10 位專業化的工人
And again, don't ask yourself is this right or is this wrong,
他們的人力資本獲得資源
it was just very contested.
一天可以生產 4,800 根大頭針
By making these lists,
跟一名工人包攬全部工作的結果迥異
it actually forced them also to ask interesting questions.
Adam Smith 和其他古典經濟學家
And their focus, as the focus of the Physiocrats,
也把各類活動分為
was, in fact, on these objective conditions of production.
生產活動和非生產活動
They also looked, for example, at the class struggle.
(笑聲)
Their understanding of wages
這些非生產活動
had to do with the objective, if you want, power relationships,
你們在笑是因為自己也上榜了,對吧?
the bargaining power of capital and labor.
(笑聲)
But again, factories, machines, division of labor,
律師!我想他把律師放上榜是對的
agricultural land and what was happening to it.
教授真不該在榜上
So the big revolution that then happened --
其他職業也是
and this, by the way, is not often taught in economics classes --
律師、教授、店主、音樂家
the big revolution that happened with the current system
他一定很討厭聽歌劇
of economic thinking that we have,
他寫這本書前一晚
which is called "neoclassical economics,"
一定聽了最差勁的歌劇
was that the logic completely changed.
名單中至少有三種職業
It changed in two ways.
跟歌劇有關
It changed from this focus on objective conditions to subjective ones.
但這份名單並非要人們
Let me explain what I mean by that.
「不要去從事這些職業」
Objective, in the way I just said.
而是在說
Subjective, in the sense that all the attention went to
「如果我們真的讓經濟的一部份
how individuals of different sorts make their decisions.
發展的太壯大
OK, so workers are maximizing their choices of leisure versus work.
還不設法增加這些價值來源的生產力
Consumers are maximizing their so-called utility,
會發生什麼事?」
which is a proxy for happiness,
這裡價值來源指的是工業勞力
and firms are maximizing their profits.
不要太斟酌其中的對錯
And the idea behind this was that then we can aggregate this up,
列這份名單本來就很有爭議
and we see what that turns into,
也讓他們提出一些很有趣的問題
which are these nice, fancy supply-and-demand curves
他們和重農主義者其實都想知道
which produce a price,
生產的客觀條件
an equilibrium price.
他們也研究其他事情,像是階級鬥爭
It's an equilibrium price, because we also added to it
他們認定工資
a lot of Newtonian physics equations
跟這些客觀的權力階級有關係
where centers of gravity are very much part of the organizing principle.
資方和勞方在工資上討價還價的能力
But the second point here is that that equilibrium price, or prices,
工廠、機器、勞力分工
reveal value.
農業用土地,才是重點
So the revolution here is a change from objective to subjective,
重大變革接著發生
but also the logic is no longer one of what is value,
順道一提
how is it being determined,
經濟學課堂裡通常不提這個
what is the reproductive potential of the economy,
現今我們的經濟思想
which then leads to a theory of price
稱作新古典經濟學派
but rather the reverse:
發生重大變革
a theory of price and exchange
改變了整套邏輯思想
which reveals value.
變動了兩個方面
Now, this is a huge change.
人們開始更關心主觀條件 而不是客觀條件
And it's not just an academic exercise, as fascinating as that might be.
讓我解釋一下
It affects how we measure growth.
客觀,就像我剛說的
It affects how we steer economies to produce more of some activities,
主觀,大家更關注
less of others,
不同類型的人如何做決定
how we also remunerate some activities more than others.
勞工試圖在工作 和休閒中找到最大效益
And it also just kind of makes you think,
消費者也想得到最多所謂的效用
you know, are you happy to get out of bed if you're a value creator or not,
效用是幸福的代名詞
and how is the price system itself if you aren't determining that?
企業也想賺到最多的利益
I mentioned it affects how we think about output.
我們可以累積這些效益
If we only include, for example, in GDP,
看看會有什麼結果
those activities that have prices,
就是背後的機制
all sorts of really weird things happen.
是這些完美、花俏的供需曲線
Feminist economists and environmental economists
可以計算出一個價格
have actually written about this quite a bit.
一個均衡價格
Let me give you some examples.
交叉點是一個均衡價格
If you marry your babysitter, GDP will go down, so do not do it.
因為我們也納入許多牛頓的物理等式
Do not be tempted to do this, OK?
重心就是組織原則的一部分
Because an activity that perhaps was before being paid for is still being done
第二點是由均衡價格揭示價值
but is no longer paid.
此(經濟理論)變革 不只從客觀變為主觀觀點
(Laughter)
邏輯也變為
If you pollute, GDP goes up.
不再考慮什麼有價值
Still don't do it, but if you do it, you'll help the economy.
如何決定價值
Why? Because we have to actually pay someone to clean it.
經濟體系的再生產潛力有多大
Now, what's also really interesting is what happened to finance
(上述不再)決定價格
in the financial sector in GDP.
反而是正好相反:
This also, by the way, is something I'm always surprised
由價格和交換理論揭示其價值
that many economists don't know.
這是個重大的變化
Up until 1970,
因為這不只跟學術有關
most of the financial sector was not even included in GDP.
雖然學術上很有趣
It was kind of indirectly, perhaps not knowingly,
還會影響我們如何量測發展
still being seen through the eyes of the Physiocrats
會影響我們如何操縱經濟
as just kind of moving stuff around, not actually producing anything new.
增加或減少某些生產活動
So only those activities that had an explicit price were included.
為何給予某些活動較多酬勞
For example, if you went to get a mortgage, you were charged a fee.
還會令你思考
That went into GDP and the national income and product accounting.
如果你沒創造價值的話 是否還願意起床工作
But, for example, net interest payments didn't,
如果你沒參與決定 那麼價格體系本身會如何?
the difference between what banks were earning in interest
我剛剛說了
if they gave you a loan and what they were paying out for a deposit.
我們對生產的看法會受到影響
That wasn't being included.
如果我們只把定了價的行為
And so the people doing the accounting started to look at some data,
舉例來說,納入 GDP
which started to show that the size of finance
很多奇怪的事會發生
and these net interest payments
女性主義經濟學家和環境經濟學家
were actually growing substantially.
其實發表了很多相關研究
And they called this the "banking problem."
這邊有幾個例子
These were some people working inside, actually, the United Nations
如果你娶了你家的褓姆
in a group called the Systems of National [Accounts], SNA.
GDP會下降
They called it the "banking problem,"
所以別這麼做
like, "Oh my God, this thing is huge, and we're not even including it."
別想著要這麼做,好嗎?
So instead of stopping and actually making that Tableau Economique
因為之前需要收費的生產活動
or asking some of these fundamental questions
雖然現在還持續,卻已經免費了
that also the classicals were asking about what is actually happening,
(笑聲)
the division of labor between different types of activities in the economy,
如果你汙染環境,GDP 會上升
they simply gave these net interest payments a name.
別汙染
So the commercial banks, they called this "financial intermediation."
但汙染對經濟有益
That went into the NIPA accounts.
為什麼?
And the investment banks were called the "risk-taking activities,"
因為我們需要付錢請人清理汙染
and that went in.
金融體制發生的事情也同樣很有趣
In case I haven't explained this properly,
計算 GDP 時
that red line is showing how much quicker
這個體制歸類在金融產業
financial intermediation as a whole was growing
我一直很意外
compared to the rest of the economy, the blue line, industry.
很多經濟學家不知道這件事
And so this was quite extraordinary,
1970 年以前
because what actually happened, and what we know today,
大部分金融產業
and there's different people writing about this,
還未納入 GDP 計算
this data here is from the Bank of England,
重農主義者間接或不知覺地
is that lots of what finance was actually doing
看穿這件事
from the 1970s and '80s on
也就是他們所說的移動東西
was basically financing itself:
卻沒有製造出任何新的出來
finance financing finance.
所以只將明確標價的活動納入計算
And what I mean by that is finance, insurance and real estate.
就像是申請抵押貸款要付手續費
In fact, in the UK,
會算進 GDP、國民所得、產品會計
something like between 10 and 20 percent of finance
但像是給付的淨利息卻不會算進去
finds its way into the real economy, into industry,
這個數字是銀行貸款給你所賺的利息
say, into the energy sector, into pharmaceuticals,
和銀行付給存款人利息間的差額
into the IT sector,
這筆錢沒有納入
but most of it goes back into that acronym, FIRE:
所以會計相關人員開始研究數據
finance, insurance and real estate.
發現金融制度的規模
It's very conveniently called FIRE.
還有這些給付的淨利息
Now, this is interesting because, in fact,
都大幅的成長
it's not to say that finance is good or bad,
他們稱這個現象為「銀行業問題」
but the degree to which,
這些人其實是在 聯合國的一個組織工作
by just having to give it a name,
叫做國民經濟核算體系
because it actually had an income that was being generated,
他們稱之為「銀行業問題」
as opposed to pausing and asking, "What is it actually doing?" --
像是說:「天啊, 規模這麼大,卻沒有算進去」
that was a missed opportunity.
他們沒實際去畫經濟表
Similarly, in the real economy, in industry itself, what was happening?
也沒問基礎的問題
And this real focus on prices and also share prices
那些是古典派學者想知道的
has created a huge problem of reinvestment,
經濟中不同類型活動間的實際分工
again, this real attention that both the Physiocrats and the classicals had
這些人只幫給付的淨利息取個名字
to the degree to which the value that was being generated in the economy
各商業銀行稱這個現象為
was in fact being reinvested back in.
「金融中介」
And so what we have today is an ultrafinancialized industrial sector
也納入了國民帳戶
where, increasingly, a share of the profits and the net income
投資銀行得到了
are not actually going back into production,
「風險承擔活動」的名號
into human capital training, into research and development
也納入其中
but just being siphoned out in terms of buying back your own shares,
我怕我沒解釋清楚
which boosts stock options, which is, in fact, the way
這條紅線告訴我們
that many executives are getting paid.
金融中介跟整個經濟體相比
And, you know, some share buybacks is absolutely fine,
也就是藍色這條線
but this system is completely out of whack.
成長的有多快
These numbers that I'm showing you here
這就是不尋常之處
show that in the last 10 years, 466 of the S and P 500 companies
有很多關於這個主題的研究
have spent over four trillion on just buying back their shares.
這是英格蘭銀行的資料
And what you see then if you aggregate this up at the macroeconomic level,
因為就真實情況和我們所了解
so if we look at aggregate business investment,
金融體制事實上
which is a percentage of GDP,
從 1970 到 80 年代
you also see this falling level of business investment.
其實就是在投資自己
And this is a problem.
金融業投資金融業
This, by the way, is a huge problem for skills and job creation.
我指的是金融、保險還有不動產業
You might have heard there's lots of attention these days
其實在英國
to, "Are the robots taking our jobs?"
真正進入到經濟體和產業的資金
Well, mechanization has for centuries, actually, taken jobs,
大概有百分之十到二十
but as long as profits were being reinvested back into production,
像是進入能源產業、製藥展業
then it didn't matter: new jobs appeared.
或是資訊科技產業
But this lack of reinvestment is, in fact, very dangerous.
但大部分還是回流到
Similarly, in the pharmaceutical industry, for example, how prices are set,
金融業、保險業和不動產業
it's quite interesting how it doesn't look at these objective conditions
簡稱 FIRE
of the collective way in which value is created in the economy.
說 FIRE 比較方便
So in the sector where you have lots of different actors --
這很耐人尋味,因為事實上
public, private, of course, but also third-sector organizations --
很難斷定資金是好還是壞
creating value,
只能說
the way we actually measure value in this sector
因為實際上創造了收入
is through the price system itself.
僅僅為這現象取了個名稱
Prices reveal value.
而不是質疑
So when, recently,
「實際上是怎麼一回事?」
the price of an antibiotic went up by 400 percent overnight,
浪費了那次機會
and the CEO was asked, "How can you do this?
同樣的
People actually need that antibiotic.
在實際的經濟產業裡發生了什麼事?
That's unfair."
只專注在價格還有股價
He said, "Well, we have a moral imperative
造成再投資這個很大的問題
to allow prices to go what the market will bear,"
重農主義者和古典主義者
completely dismissing the fact that in the US, for example,
都在關注這個問題
the National Institutes of Health spent over 30 billion a year
經濟體裡,創造出來的價值
on the medical research that actually leads to these drugs.
實際上又投資回去
So, again, a lack of attention to those objective conditions
所以今天我們有超金融化的工業產業
and just allowing the price system itself to reveal the value.
其獲利或是淨利的一部分
Now, this is not just an academic exercise,
沒再投入生產
as interesting as it may be.
人資訓練、研發
All this really matters [for] how we measure output,
只是抽出來買回自己的股份
to how we steer the economy,
提高了認股權
to whether you feel that you're productive,
其實也付了很多經理的薪水
to which sectors we end up helping, supporting
回購股權沒什麼大不了
and also making people feel proud to be part of.
但這系統卻很不正常
In fact, going back to that quote,
這些數據告訴我們過去十年
it's not surprising that Blankfein could say that.
標普 500 公司中
He was right.
466 間公司
In the way that we actually measure production, productivity
花了超過四兆回購股權
and value in the economy,
如果在總體經濟層面
of course Goldman Sachs workers are the most productive.
把這些數字加起來
They are in fact earning the most.
看看企業總投資
The price of their labor is revealing their value.
也就是 GDP 中的佔比
But this becomes tautological, of course.
能看到企業投資下降
And so there's a real need to rethink.
這就是問題所在
We need to rethink how we're measuring output,
這件事對技術
and in fact there's some amazing experiments worldwide.
新工作機會,也是很大的問題
In New Zealand, for example, they now have a gross national happiness indicator.
最近大家可能很常聽到
In Bhutan, also, they're thinking about happiness and well-being indicators.
「機器人會搶走我們的工作嗎?」
But the problem is that we can't just be adding things in.
其實機械化這件事幾世紀來
We do have to pause,
已經搶走了好多工作
and I think this should be a moment for pause,
但只要獲利重新投資回生產活動
given that we see so little has actually changed
就沒什麼好擔心的
since the financial crisis,
會出現很多新工作
to make sure that we are not also confusing
沒有重新投資其實很危險
value extraction with value creation,
例如,製藥產業價格怎麼定
so looking at what's included, not just adding more,
沒有考慮整個經濟體裡
to make sure that we're not, for example, confusing rents with profits.
創造價值的客觀條件
Rents for the classicals was about unearned income.
這件事非常奇怪
Today, rents, when they're talked about in economics,
所以那些受多方影響的產業
is just an imperfection towards a competitive price
公部門、私部門
that could be competed away if you take away some asymmetries.
還有第三部門
Second, we of course can steer activities into what the classicals called
都在創造價值
the "production boundary."
我們其實是以價格系統
This should not be an us-versus-them,
計算這個部門的價值
big, bad finance versus good, other sectors.
價格告訴我們價值
We could reform finance.
所以最近
There was a real lost opportunity in some ways after the crisis.
抗生速價格一夜之間漲了四倍
We could have had the financial transaction tax,
大家就問這間公司的執行長: 「怎麼可以這樣?
which would have rewarded long-termism over short-termism,
人們需要抗生素,這樣很不公平」
but we didn't decide to do that globally.
他回答:「我們有道義責任
We can. We can change our minds.
要讓價格高到市場所能承受的水平」
We can also set up new types of institutions.
完全沒考慮到一件事
There's different types of, for example, public financial institutions worldwide
以美國為例
that are actually providing that patient, long-term, committed finance
衛生研究院每年花三百億
that helps small firms grow, that help infrastructure and innovation happen.
在研究這些藥品
But this shouldn't just be about output.
所以忽視客觀條件就像是這樣
This shouldn't just be about the rate of output.
只讓價格系統定義價值
We should also as a society pause
這可不只是學界需要關心
and ask: What value are we even creating?
雖然很有趣
And I just want to end with the fact that this week we are celebrating
這一切都會影響我們如何測量產量
the 50th anniversary of the Moon landing.
還有如何引導經濟發展
This required the public sector, the private sector,
你是否覺得自己有生產力
to invest and innovate in all sorts of ways,
或是決定要扶持哪些產業
not just around aeronautics.
也要讓人民為身在其中感到光榮
It included investment in areas like nutrition and materials.
我們如果再看一次那句引用來的話
There were lots of actual mistakes that were done along the way.
(高盛集團執行長) 布蘭克芬那樣說並不奇怪
In fact, what government did was it used its full power of procurement,
他沒說錯
for example, to fuel those bottom-up solutions,
從測量經濟體生產
of which some failed.
生產力和價值的方式來看
But are failures part of value creation?
高盛集團的員工當然最有生產力
Or are they just mistakes?
他們事實上也賺最多錢
Or how do we actually also nurture the experimentation,
他們的工資定義了價值
the trial and error and error and error?
我就不再贅述了
Bell Labs, which was the R and D laboratory of AT and T,
不過我們需要思考
actually came from an era where government was quite courageous.
思考我們測量產量的方式
It actually asked AT and T that in order to maintain its monopoly status,
各國其實持續在做一些很奇妙的實驗
it had to reinvest its profits back into the real economy,
像是紐西蘭有國民幸福總值
innovation
不丹也有幸福感指數
and innovation beyond telecoms.
問題在於我們不能只是把數字加起來
That was the history, the early history of Bell Labs.
我們要停下來想一想
So how we can get these new conditions around reinvestment
現在就是個很好的時機
to collectively invest in new types of value
因為從金融危機以來
directed at some of the biggest challenges of our time,
我們沒做什麼改變
like climate change?
這時間也讓我們能夠分辨
This is a key question.
萃取價制和創造價值
But we should also ask ourselves,
應該要看看什麼包含於其中
had there been a net present value calculation
而不只是把數字往上加
or a cost-benefit analysis done
確保我們沒把
about whether or not to even try to go to the Moon and back again
像是租金算進獲利
in a generation,
古典學派視租金為非勞動所得
we probably wouldn't have started.
現在經濟學提到租金
So thank God,
就是競爭價格的小瑕疵
because I'm an economist, and I can tell you,
如果移除一些不對稱因素
value is not just price.
就能抵銷掉
Thank you.
再者,我們當然也能引導生產活動
(Applause)
到古典學派所稱的「生產邊界」