Apple Created $103 Trillion in Consumer Value
We know the price of an iPhone, but vastly underestimate the value it creates for humanity.
Yale University economist and co-winner of the 2018 Nobel Prize in Economics, William Nordhaus, estimated that producers capture around 2.2 percent of the benefits of technological advances.1 That would leave 97.8 percent of those benefits to the consumers of those products. As George Mason University economist Don Boudreaux noted, entrepreneurs make a …