TED 双语｜经济价值到底是什么？谁才是价值创造者

发布于 2026-10-02 · 时长 18:42

字幕摘录

时间	英文	中文
0:00	Value creation, wealth creation, these are really powerful words.	价值创造,财富创造, 这些是真正强大的词。
0:05	Maybe you think of finance, you think of innovation,	也许你想到金融,你想到创新,
0:08	you think of creativity.	想想创造力
0:10	But who are the value creators?	但谁是价值创造者?
0:12	If we use that word,	如果我们用这个词
0:13	we must be implying that some people aren't creating value.	我们一定暗示有些人没有创造价值
0:16	Who are they?	他们是谁?
0:17	The couch potatoes, the value extractors, the value destroyers.	沙发土豆价值提取器价值驱逐舰
0:22	To answer this question,	为了回答这个问题,
0:23	we actually have to have a proper kind of theory of value.	我们实际上必须有一个合适的类型的价值理论。

展开字幕全文（383 条）

序号	英文	中文
1	Value creation, wealth creation, these are really powerful words.	价值创造,财富创造, 这些是真正强大的词。
2	Maybe you think of finance, you think of innovation,	也许你想到金融,你想到创新,
3	you think of creativity.	想想创造力
4	But who are the value creators?	但谁是价值创造者?
5	If we use that word,	如果我们用这个词
6	we must be implying that some people aren't creating value.	我们一定暗示有些人没有创造价值
7	Who are they?	他们是谁?
8	The couch potatoes, the value extractors, the value destroyers.	沙发土豆价值提取器价值驱逐舰
9	To answer this question,	为了回答这个问题,
10	we actually have to have a proper kind of theory of value.	我们实际上必须有一个合适的类型的价值理论。
11	And I'm here as an economist to break it to you	我是来做经济学家的要告诉你
12	that we've kind of lost our way on this question.	我们在这个问题上迷路了
13	Now, don't look so surprised.	别这么惊讶
14	Now, what I mean by that is we've stopped contesting it.	现在,我的意思是,我们已经停止了质疑它。
15	We've stopped actually asking really tough questions	我们实际上已经停止问真正的困难问题
16	about what is the difference between value creation and value extraction,	价值创造和价值提取之间的区别是什么,
17	productive and unproductive activities.	生产性和非生产性活动。
18	Now, let me just give you some context here.	现在,让我给你一些背景。
19	2009 was just about a year and a half	2009年只有一年半时间
20	after one of the biggest financial crises of our time,	在我们时代最大的金融危机之后
21	second only to the 1929 Great Depression.	仅次于1929年大萧条.
22	And the CEO of Goldman Sachs said,	而高盛的首席执行官说,
23	Goldman Sachs workers are the most productive in the world.	高盛的工人是世界上产量最高的.
24	Now, productivity and productiveness for an economist	现在,一个经济学家的生产力和生产力
25	actually has a lot to do with value.	实际上与价值有很大关系。
26	You're producing stuff,	你生产的东西,
27	you're producing it dynamically and efficiently.	你正在生动高效地生产它。
28	You're also producing things that the world needs, wants and buys.	你也在生产世界需要,想要和购买的东西.
29	Now, how this could have been said just one year after	一年之后怎么能这么说
30	the crisis which actually had this bank as well as many other banks,	这家银行以及许多其他银行的危机,
31	I'm just kind of picking on Goldman Sachs here,	我只是挑剔一下高盛队
32	at the center of the crisis because they had actually produced	在危机的中心因为他们实际上产生了
33	some pretty problematic financial products mainly	一些很麻烦的金融产品
34	but not only related to mortgages	不仅与抵押贷款有关
35	which saw many thousands of people actually lose their homes.	成千上万的人失去了家园。
36	In 2010, in just one month,	2010年,在一个月之内,
37	September, 120,000 people lost their homes	9月,12万人失去家园
38	through the foreclosures of that crisis.	通过取消对危机的赎回权。
39	Between 2007, 2010, 8.8 million people lost their jobs.	2007年,2010年间,880万人失业.
40	Now, the bank also had to then be bailed out by the US taxpayer	现在,银行也不得不被美国纳税人保释出来
41	for the sum of $10 billion.	总共100亿美元。
42	We didn't hear the taxpayers bragging that they were value creators,	我们没有听到纳税人吹嘘他们是价值创造者,
43	but obviously having bailed out one of the biggest value-creating	但显然已经保释出一个最大的创造价值
44	productive companies perhaps they should have.	也许他们应该有生产性公司
45	Now, what I want to do next is kind of ask ourselves how we lost our way.	现在,我想做的是问自己我们怎么迷路的
46	How it could be actually that a statement like that could almost go unnoticed	怎么会有人不注意这样的声明呢?
47	because it wasn't an after-dinner joke, it was said very seriously.	因为它不是一个饭后笑话, 说得很严肃。
48	So what I want to do is bring you back 300 years in economic thinking	所以我想给你带回300年的经济思想
49	when actually the term was contested.	当这个术语被质疑时
50	It doesn't mean that they were right or wrong,	这并不意味着他们是对或错的,
51	but you couldn't just call yourself a value creator, a wealth creator.	但你不能自称是价值创造者财富创造者
52	There was a lot of debate within the economics profession.	经济学界内部争论不休.
53	And what I want to argue is we've kind of lost our way,	我想说的是我们迷路了
54	and that has actually allowed this term, wealth creation and value,	这实际上允许这个术语, 创造财富和价值,
55	to become quite weak and lazy and also easily captured.	变得相当软弱和懒惰也很容易被抓住
56	Okay, so let's start, I hate to break it to you, 300 years ago.	好吧,我们开始吧,我讨厌打破它给你,300年前。
57	Now, what was interesting 300 years ago is the society	300年前有趣的是社会
58	was still an agricultural type of society,	仍然是一种农业类型的社会,
59	so it's not surprising that the economists of the time,	因此,毫不奇怪,当时的经济学家,
60	who were called the physiocrats,	他们是被称作神棍的,
61	actually put the center of their attention to farm labor.	他们把注意力集中在农场劳动上
62	When they said, where does value come from, they looked at farming.	当他们说,价值从哪里来, 他们看农业。
63	And they produced what I think was probably the world's first spreadsheet	他们制作了我认为可能是世界上第一个电子表格
64	called the tableau économique,	叫做经济会议,
65	and this was done by Francois Canet, one of the leaders of this movement.	这是由Francois Canet完成的这个运动的领导人之一。
66	And it was very interesting,	这很有趣
67	because they didn't just say farming is the source of value.	因为他们不只是说农业是价值的来源
68	They then really worried about what was happening to that value	然后,他们真的担心发生了什么价值
69	when it was produced.	当它被生产。
70	So what the tableau économique does,	经济节日的节奏
71	and I've tried to make it a bit simpler here for you,	我试着让事情变得简单一点
72	is it broke down the classes in society into three.	它把社会阶层分成三个
73	The farmers creating value were called the productive class.	创造价值的农民被称为生产阶级。
74	And then others who were just moving some of this value around,	而其他人只是移动一些这种价值周围,
75	but it was useful, it was necessary, these were the merchants,	但这是有用的,这是必要的, 这些商人,
76	they were called the proprietors.	他们被称为业主。
77	And then there was another class that was simply	然后还有另一门课很简单
78	charging the farmers a fee for an existing asset, the land.	向农民收取现有资产、土地的费用。
79	And they called them the sterile class.	他们称他们为无菌阶级。
80	Now, this is a really heavy-hitting word, if you think what it means,	现在,这是一个非常重击的词, 如果你想它意味着什么,
81	that if too much of the resources are going to the landlords,	如果太多的资源流向房东,
82	you're actually putting the reproduction potential of the system at risk.	实际上你把系统复制的潜力置于危险之中
83	And so all these little arrows there were their way of simulating,	所以所有的这些小箭都有他们模拟的方式,
84	again, spreadsheets and simulators, these guys were really using big data,	同样,电子表格和模拟器, 这些家伙真的使用大数据,
85	they were simulating what would actually happen under different scenarios	他们模拟了在不同情况下会发生什么
86	if the wealth actually wasn't reinvested back into production	如果财富没有重新投入生产
87	to make that land more productive	提高土地的生产力
88	and actually being siphoned out in different ways,	并被不同的方式抽出,
89	or even if the proprietors were getting too much.	或者即使业主得到太多。
90	And what later happened in the 1800s,	1800年代发生的事
91	and this was no longer the agricultural revolution,	这不再是农业革命,
92	but the industrial revolution, is that the classical economists,	但工业革命, 是古典经济学家,
93	and these were Adam Smith, David Ricardo, Karl Marx, the revolutionary,	这些是亚当·斯密大卫·里卡多卡尔·马克思革命者
94	also asked the question, what is value?	又问,什么是价值?
95	But it's not surprising that because they were actually living through	但是,这并不奇怪,因为他们实际上生活通过
96	an industrial era with the rise of machines and factories,	随着机器和工厂的兴起
97	they said it was industrial labor.	他们说是工业工人
98	So they had a labor theory of value.	所以他们有一个有价值的劳动理论。
99	But again, their focus was reproduction,	但是,他们的重心是复制,
100	this real worry of what was happening to the value that was created	这种真正的担心正在发生什么价值创造
101	if it was getting siphoned out.	如果它被吸出来。
102	And in The Wealth of Nations, Adam Smith had this really great example	在《国家财富》中,亚当·斯密有了一个很好的例子
103	of the pin factory where he said,	在那家针头工厂里他说
104	if you only have one person making every bit of the pin at most,	如果你只有一个人做每一点的针,最多,
105	you can make one pin a day.	你可以一天做一根针。
106	But if you actually invest in factory production	但是如果你真的投资工厂生产
107	and the division of labor, new thinking,	和分工,新思维,
108	think of it today, we would use the word organizational innovation,	想想今天,我们会用组织创新这个词,
109	then you could increase the productivity	然后你可以提高生产率
110	and the growth and the wealth of nations.	以及各国的增长和财富。
111	So he showed that 10 specialized workers who had been invested in,	因此,他显示,10名专业工人已经投资,
112	in their human capital, could produce 4,800 pins a day,	在他们的人力资本, 可以每天生产4,800披针,
113	as opposed to just one by an unspecialized worker.	而不是一个非专业工人。
114	And he and his fellow classical economists also broke down activities	他和他的古典经济学家们也打破了活动
115	into productive and unproductive ones.	变成有产和无产者。
116	And the unproductive ones weren't...	而那些没有生产力的...
117	I think you're laughing because most of you are up on that list, aren't you?	我觉得你在笑因为你们大多数都在名单上不是吗?
118	Now... lawyers.	现在... 律师
119	I think he was right about the lawyers, definitely not the professors,	我认为他是对的关于律师, 绝对不是教授,
120	the letters of all kind people.	所有善良的人们的信。
121	So lawyers, professors, shopkeepers, musicians,	律师、教授、店主、音乐家
122	he obviously hated the opera.	他显然讨厌歌剧
123	He must have seen the worst performance of his life	他一定见过他一生中最糟糕的表现
124	the night before writing this book,	写这本书的前一晚
125	because there's at least three professions up there	因为那里至少有三个职业
126	that have to do with the opera.	和歌剧有关
127	But this wasn't an exercise of saying, don't do these things.	但这不是一个练习说,不要做这些事情。
128	It was just what's going to happen if we actually end up allowing	如果我们真的允许
129	some parts of the economy to get too large	经济中有些地方太庞大了
130	without really thinking about how to increase the productivity	没有真正思考如何提高生产率
131	of the source of the value that they thought was key,	他们认为是关键的价值的来源,
132	which was industrial labor.	这是工业工人。
133	And again, don't ask yourself, is this right or is this wrong?	再说一遍,不要问自己,这是对还是错?
134	It was just very contested by making these lists.	提出这些清单引起了很大争议。
135	It actually forced them also to ask interesting questions.	这实际上也迫使他们提出有趣的问题.
136	And their focus, as the focus of the physiocrats,	和他们的焦点, 作为理疗的焦点,
137	was in fact on these objective conditions of production.	事实上,这些生产条件是客观的。
138	They also looked, for example, at the class struggle.	例如,他们还研究了阶级斗争。
139	Their understanding of wages had to do with the objective,	他们对工资的理解与目标有关,
140	if you want, power relationships,	如果你想, 权力关系,
141	the bargaining power of capital and labor.	资本和劳动力的谈判能力。
142	But again, factories, machines, division of labor,	但是,工厂,机器,分工,
143	agricultural land and what was happening to it.	农业土地及其发生的情况。
144	So the big revolution that then happened,	所以当时发生的大革命
145	and this, by the way, is not often taught in economics classes,	顺便说一句,经济课上常常不教这个
146	the big revolution that happened with the current system	这场大革命发生在目前的体系中
147	of economic thinking that we have,	我们的经济思维,
148	which is called neoclassical economics,	这被称为新古典经济学,
149	was that the logic completely changed.	是逻辑完全改变了。
150	It changed in two ways.	变化有二.
151	It changed from this focus on objective conditions	它改变了对客观条件的重视。
152	to subjective ones.	对主观的。
153	And let me just explain what I mean by that.	让我来解释一下我的意思
154	Objective in the way it just said, subjective in the sense	客观地说, 主观的意义上
155	that all the attention went to how individuals	所有注意力都集中在个人如何
156	of different sorts make their decisions.	由不同的种类决定
157	Okay, so workers are maximizing their choices of leisure versus work.	好吧,所以工人正在最大限度地他们的选择休闲与工作。
158	Consumers are maximizing their so-called utility,	消费者正在最大限度地发挥所谓的效用,
159	which is a proxy for happiness,	这是幸福的代名词,
160	and firms are maximizing their profits.	公司正在最大限度地增加利润。
161	And the idea behind this was that then we can aggregate this up	幕后想法是,然后我们就可以汇总
162	and we see what that turns into,	我们看见它变成什么了,
163	which are these nice fancy supply and demand curves	这些漂亮的供求曲线
164	which produce a price, an equilibrium price.	产生价格,平衡价格。
165	It's an equilibrium price because we also added to it	这是平衡价格,因为我们也加进去了
166	a lot of Newtonian physics equations	许多牛顿物理学方程式
167	where centers of gravity are very much part of the organizing principle.	其中重心中心是组织原则的重要组成部分。
168	But the second point here is that that equilibrium price,	但第二点是平衡价格
169	or prices, reveal value.	或价格,显示价值。
170	So the revolution here is a change from objective to subjective,	所以这里的革命是从客观到主观的转变,
171	but also the logic is no longer one of what is value,	但逻辑不再是价值之一,
172	how is it being determined,	如何决定,
173	what is the reproductive potential of the economy,	经济的生殖潜力是什么,
174	which then leads to a theory of price,	然后得出价格理论,
175	but rather the reverse, a theory of price in exchange,	但反之,价格交换理论,
176	which reveals value.	它揭示了价值。
177	Now, this is a huge change,	现在,这是一个巨大的变化,
178	and it's not just an academic exercise as fascinating as that might be.	它不只是一个学术练习的吸引人可能。
179	It affects how we measure growth,	它影响了我们如何衡量增长,
180	it affects how we steer economies	它影响我们如何引导经济
181	to produce more of some activities less of others,	开展更多的活动,而不是其他活动,
182	how we also remunerate some activities more than others,	我们如何支付一些活动比其他活动多,
183	and it also just kind of makes you think,	也让你觉得
184	are you happy to get out of bed if you're a value creator or not,	你愿意下床吗?
185	and how is the price system itself, if you want, determining that.	价格系统本身如何,如果你想,决定这一点。
186	So now I mentioned it affects how we think about output.	所以现在我提到了它影响我们如何思考产出。
187	If we only include, for example, in GDP,	如果我们仅仅包括,例如,国内生产总值,
188	those activities that have prices, all sorts of really weird things happen.	那些有价格的活动, 各种各样的真正奇怪的事情发生。
189	And feminist economists and environmental economists	女权主义经济学家和环境经济学家
190	have actually written about this quite a bit.	已经写了很多关于这一点。
191	Let me just give you some examples.	让我举几个例子。
192	If you marry your babysitter, GDP will go down.	如果你嫁给你的保姆,GDP会下降。
193	So do not do it.	所以不要这样做。
194	Do not be tempted to do this, okay?	不要被诱惑这样做,好吗?
195	Because an activity that perhaps was before being paid for	因为一个活动也许之前得到报酬
196	is still being done, but is no longer paid.	仍在办理中,但不再支付。
197	If you pollute, GDP goes up.	如果你污染,GDP会上升。
198	Still don't do it, but if you do it, you'll help the economy.	仍然不这样做,但是如果你这样做,你会帮助经济.
199	Why?	为什么?
200	Because we have to actually pay someone to clean it.	因为我们得付钱给别人来清理
201	Now, what's also really interesting	现在,有趣的是
202	is what happened to finance and the financial sector in GDP.	金融和金融部门在国内生产总值中的情况。
203	And this also, by the way, something that I'm always surprised	顺便说一句,我总是很惊讶
204	that many economists don't know.	很多经济学家不知道
205	Up until 1970, most of the financial sector was not even included in GDP.	直到1970年,大多数金融部门甚至没有纳入国内生产总值。
206	It was kind of indirectly, perhaps not knowingly,	这是一种间接的,也许不是故意的,
207	still being seen through the eyes of the physiocrats	仍然被从神学专家眼中看到
208	as just kind of moving stuff around,	就像移动的东西周围,
209	not actually producing anything new.	其实没有产生任何新的。
210	So only those activities that had an explicit price were included.	因此,只列入了那些有明确价格的活动。
211	For example, if you went to get a mortgage, you were charged a fee.	例如,如果你去获得抵押贷款,你被收取费用。
212	That went into GDP and the national income and product accounting.	这涉及到国内生产总值以及国民收入和产品核算。
213	But, for example, net interest payments didn't.	但是,举例来说,净利息支付没有.
214	The difference between what banks were earning an interest	银行赚取利息的区别
215	if they gave you a loan and what they were paying out for a deposit.	如果他们给了你贷款和他们付的押金。
216	That wasn't being included.	那没有被包括在内。
217	And so the people doing the accounting started to look at some data,	所以做会计的人开始研究一些数据,
218	which started to show that the size of finance	它开始显示金融规模
219	and these net interest payments were actually growing substantially.	而这些净利息付款实际上在大幅增加。
220	And they kind of called this the banking problem.	他们称之为银行问题。
221	These were some people working inside, actually, the United Nations	这些人实际上是在联合国内部工作的
222	in a group called the Systems of National Accounting, SNA.	国民账户体系。
223	They called it the banking problem.	他们称之为银行问题。
224	Like, oh, my God, this thing, it's huge, and we're not even including it.	像,哦,我的上帝, 这件事情,这是巨大的, 我们甚至没有包括它。
225	So instead of stopping and actually making that tableau économique	而不是停下来和实际上使桌子经济
226	or asking some of these fundamental questions	或问一些基本问题
227	that also the classicals were asking about what is actually happening,	古典主义者也在问到底发生了什么
228	the division of labor between different types of activities and the economy,	不同类型的活动与经济之间的分工,
229	they simply gave these net interest payments a name.	他们只是给这些净利息付款一个名字
230	So the commercial banks, they called this financial intermediation.	所以商业银行, 他们称这个金融中介。
231	That went into the NEPA accounts.	这进入了国家环保局的账户。
232	And the investment banks were called the risk-taking activities,	投资银行被称为冒险活动,
233	and that went in.	进去了
234	And by the way, in case I haven't explained this properly,	顺便说一句以防我还没解释清楚
235	that red line is showing just how much quicker financial intermediation	那条红线显示金融中介的速度有多快
236	as a whole was growing compared to the rest of the economy,	整体上与经济的其余部分相比正在增长,
237	the blue line kind of industry.	蓝线行业
238	And so this was quite extraordinary	所以这是相当不寻常的
239	because what actually then happened, and what we know today,	因为后来发生了什么而我们今天所知道的
240	and there's different people writing about this,	有不同的人写关于这一点,
241	and this data here is from the Bank of England,	数据来自英国银行
242	is that lots of what finance was actually doing from the 1970s and 80s on	20世纪70年代和80年代的金融业
243	was basically financing itself.	基本上就是为自己筹资。
244	Finance, financing, finance.	财经财经.
245	And in fact, what I mean by that is finance, insurance, and real estate.	事实上,我的意思是金融、保险和房地产。
246	In fact, in the UK, something like between 10% and 20% of finance	事实上,在英国, 大约10%到20%的资金
247	finds its way into the real economy, into industry,	进入实体经济进入工业
248	say into the energy sector, into pharmaceuticals, into the IT sector.	能源、药品、信息技术
249	But most of this goes back into that acronym FIRE,	但大部分都回到了FIRE的缩写中
250	finance, insurance, and real estate.	金融、保险和房地产
251	It's very conveniently called FIRE.	其名称非常方便.
252	Now, this is interesting because in fact,	现在,这是有趣的因为事实上,
253	it's not to say that finance is good or bad,	不是说金融是好是坏
254	but the degree to which by just having to give it a name	但只要给它起个名字就能达到什么程度
255	because it actually had an income that was being generated	因为它实际上有收入正在产生
256	as opposed to pausing and asking, what is it actually doing?	而不是抱怨和问, 它实际上在做什么?
257	That was a missed opportunity.	这是一个错失的机会。
258	Similarly, in the real economy and industry itself, what was happening?	同样,在实体经济和工业本身,发生了什么?
259	And this real focus on prices and also share prices	真正注重的是价格和股价
260	has created a huge problem of reinvestment.	造成了一个巨大的再投资问题。
261	Again, this real attention that both the physiocrats and the classicals had	再说一遍,这种真正的关注无论是理工和古典
262	to the degree to which the value that was being generated in the economy	产生价值的程度
263	was in fact being reinvested back in.	事实上是重新投资。
264	And so what we have today is an ultra-financialized industrial sector	我们今天拥有的是一个超金融化的工业部门
265	where increasingly a share of the profits and the net income	利润和净收入的日益份额
266	are not actually going back into production,	并没有真正恢复生产,
267	into human capital training, into research and development,	研究与发展
268	but just being siphoned out in terms of buying back your own shares,	只是因为买回了自己的股份被挖出来
269	which boost stock options,	能够促进股票期权
270	which is in fact the way that many executives are getting paid.	这其实是很多高管得到报酬的方式。
271	And some share buybacks is absolutely fine,	一些股票回购是绝对好的,
272	but this system is completely out of whack.	但是这个系统完全失控了
273	These numbers that I'm showing you here show that in the last 10 years,	我给你看的这些数字表明在过去10年里
274	466 of the S&P 500 companies have spent over $4 trillion	466家S&P500公司花费了4万亿美元
275	on just buying back their shares.	刚刚买回他们的股份。
276	And what you see then if you aggregate this up at the macroeconomic level,	如果你在宏观经济层面上综合起来,你会看到什么?
277	so if we look at aggregate business investment,	因此,如果我们看总体商业投资,
278	which is a percentage of GDP,	占国内生产总值的百分比,
279	you also see this falling level of business investment.	您还看到了这种不断下降的商业投资水平。
280	And this is a problem.	这是一个问题。
281	This, by the way, is a huge problem for skills and job creation.	顺便说一句,这对技能和创造就业机会是一个巨大的问题。
282	You might have heard there's lots of attention these days to,	你可能听说最近有很多人关注
283	are the robots taking our jobs?	机器人拿走我们的工作?
284	Well, mechanization has for centuries actually taken jobs,	几个世纪以来,机械化已经创造了工作
285	but as long as profits were being reinvested back into production,	但只要利润被重新投入生产
286	then it didn't matter, new jobs appeared.	那不重要新的工作出现了
287	But this lack of reinvestment is in fact very dangerous.	但缺乏再投资实际上非常危险。
288	Similarly, in the pharmaceutical industry, for example, how prices are set,	同样,在制药业,例如如何确定价格,
289	it's quite interesting how it doesn't look at these objective conditions	这很有趣,它如何不看这些客观条件
290	of the collective way in which value is created in the economy.	在经济中创造价值的集体方式。
291	So in a sector where you have lots of different actors,	所以在一个你有很多不同演员的部门
292	public, private, of course, but also third sector organizations creating value,	当然,公营、私营以及第三部门组织创造价值,
293	the way we actually measure value in this sector is in fact	我们实际衡量这个部门价值的方法其实是
294	through the price system itself.	通过价格系统本身。
295	Prices reveal value.	价格显示价值。
296	So when recently the price of an antibiotic went up by 400% overnight	最近抗生素的价格一夜之间上涨了400%
297	and the CEO was asked, how can you do this?	首席执行官被问到你怎么能这么做?
298	People actually need that antibiotic.	人们实际上需要抗生素。
299	That's unfair.	这不公平
300	He said, well, we have a moral imperative to allow prices to go,	他说,好吧,我们有道义上必须允许价格走,
301	what the market will bear,	市场将承受什么,
302	completely dismissing the fact that in the US, for example,	完全否定了例如在美国
303	the National Institutes of Health spent over $30 billion a year	全国卫生研究所每年花费300多亿美元;
304	on the medical research that actually leads to these drugs.	医学研究导致这些药物。
305	So again, a lack of attention to those objective conditions	同样,缺乏对这些客观条件的关注
306	and just allowing the price system itself to reveal the value.	而只是让价格系统本身揭示价值。
307	Now, this is not just an academic exercise, as interesting as it may be.	现在,这不仅仅是一次学术练习, 可能也很有趣。
308	All this really matters to how we measure output, to how we steer the economy,	所有这些真正重要的是,我们如何衡量产出,如何引导经济,
309	to whether you feel that you're productive,	你是否觉得自己很有生产力
310	to which sectors we end up helping, supporting,	我们最终帮助,支持,
311	and also making people feel proud to be part of.	也让人们感到骄傲成为其中的一部分。
312	In fact, going back to that quote,	事实上,回到那句
313	it's not surprising actually that Blankfein could say that.	布兰克芬能这么说并不奇怪
314	He was right.	他说的对
315	In the way that we actually measure production,	以我们实际衡量产量的方式
316	productivity, and value in the economy,	生产力和对经济的价值,
317	of course Goldman Sachs workers are the most productive.	当然高盛的工人最有生产力
318	They are in fact earning the most.	他们实际上收入最高。
319	The price of their labor is revealing their value.	他们的劳动价格揭示了他们的价值。
320	But this becomes tautological, of course.	但是这当然是同义的。
321	And so there's a real need to rethink.	所以真的需要重新思考。
322	We need to rethink how we're measuring output,	我们需要重新思考如何测量产出,
323	and in fact there's some amazing experiments worldwide.	事实上,全世界都有一些惊人的实验。
324	So in New Zealand, for example,	例如在新西兰
325	they now have a gross national happiness indicator.	他们现在有国民幸福指数
326	In Bhutan, also, they're thinking about happiness and well-being indicators.	在不丹,他们也在思考幸福和福祉指标.
327	But the problem is that we can't just be adding things in.	但问题是我们不能只是加入一些东西。
328	We do have to pause, and I think this should be a moment for pause,	我们不得不暂停我想这应该是暂停的时刻
329	given that we see so little has actually changed since the financial crisis,	鉴于我们看到金融危机以来变化甚微
330	to make sure that we are not also confusing value extraction with value creation,	确保我们不会把价值提取和价值创造混为一谈,
331	so looking actually at what's included, not just adding more,	所以,实际上看什么是包含, 不只是增加更多,
332	to make sure that we're not, for example, confusing rents with profits.	以确保我们没有,比如, 混淆租金与利润。
333	Rents for the classicals was about unearned income.	古典时期的租金是用来赚取收入的。
334	Today, rents, when they're talked about in economics,	今天,房租,当他们谈论经济学,
335	is just an imperfection towards a competitive price	只是对竞价的不完善
336	that can be competed away if you take away some asymmetries.	如果你能消除一些不对称现象就能与它竞争
337	Second, we, of course, can steer activities into	第二,我们当然可以引导活动进入
338	what the classicals called the production boundary.	古典派称之为生产边界
339	This should not be an us versus them,	这不应该是我们对抗他们,
340	big bad finance versus good other sectors.	大坏的金融与好的其他部门。
341	We can reform finance.	我们可以改革财政。
342	There was a real lost opportunity in some ways after the crisis.	危机后,在某些方面确实失去了机会。
343	We could have had the financial transaction tax,	我们可以有金融交易税,
344	which would have, in fact, rewarded long-termism over short-termism.	事实上,这会奖励长期主义而不是短期主义。
345	But we didn't decide to do that globally.	但我们并没有决定在全球这样做。
346	We can.	我们可以。
347	We can change our minds.	我们可以改变主意
348	We can also set up new types of institutions.	我们还可以设立新型机构。
349	There's different types of, for example, public financial institutions worldwide	例如,全世界有不同类型的公共金融机构
350	that are actually providing that patient, long-term, committed finance	* 实际为病人提供长期投入的资金;
351	that help small firms grow, that help infrastructure and innovation happen.	帮助小公司成长,帮助基础设施和创新的实现。
352	But this shouldn't just be about output.	但是这不应该只是输出。
353	This shouldn't just be about the rate of output.	这不应该只是关于输出率。
354	We should also, as a society, pause and ask what value are we even creating?	作为一个社会,我们也应该停下来,问一下我们创造的价值是什么?
355	And I just want to end with the fact that this week	我只想以这个礼拜结束
356	we are celebrating the 50th anniversary of the moon landing.	我们正在庆祝月球登陆50周年
357	This required the public sector, the private sector, to invest and innovate	这要求公共部门和私营部门进行投资和创新。
358	in all sorts of ways, not just around aeronautics.	在各种方面, 不只是在空中。
359	It included investment in areas like nutrition and materials.	它包括对营养和材料等领域的投资。
360	There was lots of actual mistakes that were done along the way.	沿途发生了许多实际错误.
361	In fact, what government did was it used its full power of procurement, for example,	事实上,政府所做的是充分利用其采购权,例如,
362	to fuel those bottom-up solutions, of which some failed.	为那些自下而上的解决办法提供燃料,其中一些方案失败了。
363	But are failures part of value creation?	但失败是创造价值的一部分吗?
364	Are they just mistakes?	他们只是错误吗?
365	Or how do we actually also nurture the experimentation,	或者我们实际上如何培养实验,
366	the trial and error and error and error?	尝试和错误,错误和错误?
367	Bell Labs, which was the R&D laboratory of AT&T,	贝尔实验室是AT&T的研发实验室,
368	it actually came from an era where government was quite courageous.	这其实来自一个政府相当勇敢的时代。
369	It actually asked AT&T that in order to maintain its monopoly status,	它实际上要求AT&T为了维持其垄断地位,
370	it had to reinvest its profits back into the real economy,	它不得不将利润重新投资到实体经济中,
371	innovation and innovation beyond telecoms.	创新和超越电信。
372	That was the history, the early history of Bell Labs.	那是贝尔实验室的早期历史。
373	So how we can get these new conditions around reinvestment	因此,我们如何获得这些新的条件围绕再投资
374	to collectively invest in new types of value,	集体投资新型价值,
375	directed at some of the biggest challenges of our time,	针对我们时代的一些最大挑战,
376	like climate change, this is a key question.	和气候变化一样,这是一个关键问题。
377	But we should also ask ourselves,	但我们也应该问自己,
378	had there been a net present value calculation or cost-benefit analysis done	是否进行了净现值计算或成本效益分析
379	about whether or not to even try to go to the moon and back again in a generation,	关于是否甚至尝试去月球并在一代又一代,
380	we probably wouldn't have started.	我们可能不会开始。
381	So thank God.	所以感谢上帝
382	Because I'm an economist, and I can tell you, value is not just price.	因为我是经济学家我可以告诉你价值不仅仅是价格
383	Thank you.	谢谢

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