Jonathan Haskel

“Scalability becomes supercharged with “network effects.” A network effect exists when assets become more valuable the more of them exist.”
― Jonathan Haskel, Capitalism without Capital: The Rise of the Intangible Economy

“A more recent concern relates to “financialization” and associated short-termism. Financialization is the growing importance of norms, metrics, and incentives from the financial sector to the wider economy. Some of the concerns expressed are that, for example, managers are increasingly awarded stock options to align their incentives with those of shareholders; companies are often explicitly managed to increase short-term shareholder value; and financial engineering, such as share buybacks and earnings management, has become a more important part of senior managers’ jobs. The end result is that rather than finance serving business, business serves finance: the tail wags the dog. What John Kay described as “obliquity,” the idea that making money was a consequence of, or a second-order benefit of, serving one’s customers and building good businesses, is driven out (Kay 2010).”
― Jonathan Haskel, Capitalism without Capital: The Rise of the Intangible Economy