You may brush this aside with the argument that such “externalities” can’t simply be quantified because they involve too many subjective assumptions, but that’s precisely the point. “Value” and “productivity” cannot be expressed in objective figures, even if we pretend the opposite: “We have a high graduation rate, therefore we offer a good education”–“Our doctors are focused and efficient, therefore we provide good care”–“We have a high publication rate, therefore we are an excellent university”–“We have a high audience share, therefore we are producing good television”–“The economy is
...more
