Michael Spence quoteMichael Spence [1943-0]
American Economist 
Quote rank: 108
| One way to measure the size of a company, industry, or economy is to determine its output. But a better way is to determine its added value - namely, the difference between the value of its outputs, that is, the goods and services it produces, and the costs of its inputs, such as the raw materials and energy it consumes. |
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