I'd love to see a source for this, I've not heard it in his name but the conclusion I came to myself is that economic activity can be divided three ways:
1. Things that create value (in the sense of producing something people want and trading it for money or other things [which can include looking at ads])
2. Things that don't add value but are necessary because markets are imperfect (advertising agencies, marketing consultants, accountants, lawyers, real estate agents, etc.)
3. Things that _exploit_ imperfect markets for profit (hedge funds, investment banks, landlords, speculators, patent trolls, etc.)
2. and 3. seems to be where the money is these days. My feeling is that a society that prioritizes 2. and 3. is not adding much value to itself, and therefore isn't in a healthy place.
1. Things that create value (in the sense of producing something people want and trading it for money or other things [which can include looking at ads])
2. Things that don't add value but are necessary because markets are imperfect (advertising agencies, marketing consultants, accountants, lawyers, real estate agents, etc.)
3. Things that _exploit_ imperfect markets for profit (hedge funds, investment banks, landlords, speculators, patent trolls, etc.)
2. and 3. seems to be where the money is these days. My feeling is that a society that prioritizes 2. and 3. is not adding much value to itself, and therefore isn't in a healthy place.