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I think the author is essentially arguing that the recent bubbles have eroded the entrepreneurial community's sense of creating value. He seems to suggest that

I think the author is essentially arguing that the recent bubbles have eroded the entrepreneurial community's sense of creating value. He seems to suggest that in the recent bubbles it was apparent value rather than actual value that was being created. The latter can only be achieved through hard work (he argues). In part, I see his point. Though I don't think that hard work is necessary for innovation and creating actual value. In particular I think you can create a lot of value by combining things in previously unforeseen ways which may not be a lot of "hard work" is certainly innovation. I think his fundamental gripe about businesses not creating value is true and much wider spread than the technology industry. I've noticed a rising trend of what seem to me to be almost fraudulent revenue models by some companies that certainly don't seem to create much value for the consumer but certainly take their money (like the rebate programs with onerous filing procedures, or banks changing account types and sneaking in fees). There seem to be lots of things that you can pay for if you are a sucker (or just less informed). These schemes seem to be distorting the notion of creating something or doing something that actually has the value advertised for the consumer.

jdlegg 17y ago
You point out that his argument is a rather simple one: hard work is the only path to innovation and therefore value. I totally agree with you regarding this simplicity, but I also understand the inclination to idealize hard work. In part because, as the article emphasizes, hard work has become unfashionable and tremendously underrated. There's a reason the great innovators of the past are ripe with cliched quotes about "inspiration and perspiration." You are right that combining things in unforeseen ways is a legitimate path to innovation, but additional effort could only serve to enhance the process, don't you think? The difficulty is that what I consider "hard work" may differ from you. One can work "very hard" selling toxin-removing footpads by inventing clever stories and concocting fictitious demonstrations. They may even become the best damned footpad salesman in the northeast and others will laud them for being such a go-getter. Though they're in the business of deception, they have no problem putting food on the table. They're acting wholly rational under the rules of capitalism. Many people, even the highly-educated and successful, no longer consider these "bigger questions" in a thoughtful and introspective manner. Instead, they neutralize them with denial in the form of some unbelievably prevalent utilitarian cliches like "whatever floats your boat" or "there's a sucker born every minute." My point is that gripes about businesses not creating value can actually tap very deep philosophical nerves, but, in an almost Orwellian sense, contemplation of these things is not what modern societies consider a worthy use of time.
- bsaunder 17y ago
  I think you are correct, but I'm disappointed about that. I think the crux of my disappointment is your statement: They're acting wholly rational under the rules of capitalism. Yup, they are. Unfortunately companies have many more resources (time and money) to expend creating this kind of value than most consumers have to guard against it. If we could remove this kind of "value" from our system we would all have a lot more free time (and less jobs). A good or a bad thing depending on your perspective on the necessity of having a job.

jdlegg 17y ago

You point out that his argument is a rather simple one: hard work is the only path to innovation and therefore value. I totally agree with you regarding this simplicity, but I also understand the inclination to idealize hard work. In part because, as the article emphasizes, hard work has become unfashionable and tremendously underrated. There's a reason the great innovators of the past are ripe with cliched quotes about "inspiration and perspiration." You are right that combining things in unforeseen ways is a legitimate path to innovation, but additional effort could only serve to enhance the process, don't you think? The difficulty is that what I consider "hard work" may differ from you. One can work "very hard" selling toxin-removing footpads by inventing clever stories and concocting fictitious demonstrations. They may even become the best damned footpad salesman in the northeast and others will laud them for being such a go-getter. Though they're in the business of deception, they have no problem putting food on the table. They're acting wholly rational under the rules of capitalism. Many people, even the highly-educated and successful, no longer consider these "bigger questions" in a thoughtful and introspective manner. Instead, they neutralize them with denial in the form of some unbelievably prevalent utilitarian cliches like "whatever floats your boat" or "there's a sucker born every minute." My point is that gripes about businesses not creating value can actually tap very deep philosophical nerves, but, in an almost Orwellian sense, contemplation of these things is not what modern societies consider a worthy use of time.

bsaunder 17y ago
I think you are correct, but I'm disappointed about that. I think the crux of my disappointment is your statement: They're acting wholly rational under the rules of capitalism. Yup, they are. Unfortunately companies have many more resources (time and money) to expend creating this kind of value than most consumers have to guard against it. If we could remove this kind of "value" from our system we would all have a lot more free time (and less jobs). A good or a bad thing depending on your perspective on the necessity of having a job.