It seems to me that the core problem is about measuring value creation.
The field of education has a problem because the quality of the education between different institutions isn’t obvious to customers and as a result the institutions compete on prestige instead of competing on the quality of their work.
On the other hand when Intel produces microprocessors measuring the quality is really easy and there’s no way for Intel to compete on brand if they wouldn’t be able to better microprocessors as time goes on.
Occupational licensing is also about measurement. It’s usually a bad way to distinguish the quality between professionals. For many professions such as medicine I think that you could get good quality measurement by letting the professionals predict the outcomes of their interventions beforehand hand then provide the customers information about how well the professional is calibrated on predicting the effects of their interventions.
When it comes to construction I’m curious whether it’s a problem of the West or whether the problem also exists in similar way in China. Do the Chinese manage to increase productivity in construction?
It seems to me that the core problem is about measuring value creation.
The field of education has a problem because the quality of the education between different institutions isn’t obvious to customers and as a result the institutions compete on prestige instead of competing on the quality of their work.
On the other hand when Intel produces microprocessors measuring the quality is really easy and there’s no way for Intel to compete on brand if they wouldn’t be able to better microprocessors as time goes on.
Occupational licensing is also about measurement. It’s usually a bad way to distinguish the quality between professionals. For many professions such as medicine I think that you could get good quality measurement by letting the professionals predict the outcomes of their interventions beforehand hand then provide the customers information about how well the professional is calibrated on predicting the effects of their interventions.
When it comes to construction I’m curious whether it’s a problem of the West or whether the problem also exists in similar way in China. Do the Chinese manage to increase productivity in construction?