Requiring the payment of higher wages will lead to a loss of some jobs and a raising of prices which drives companies to search for automation to reduce costs. On the other hand, those receiving higher wages will spend more (the marginal propensity to consume is close to 1 for low income earners) and this will increase demand for additional goods and services. Henry Ford had the clearest vision of why companies can actually benefit by paying higher wages.

A country's middle class is its bedrock.

The size of the U.S. middle class has been shrinking. Wages have been stagnant. We don't have those factory jobs that paid a living wage and enabled a family to have a home where the wife did not have to work. But we sent our factories abroad and there is no likelihood of getting them back. Equally worrisome is that some managerial jobs and professional jobs (such as lawyers) which support middle class life are threatened by automation.

When it comes to efficiency and effectiveness, I would always start with effectiveness. I am interested in achieving a certain outcome. Only secondarily do I worry about achieving it as efficiently as possible.

The theory of marketing is solid but the practice of marketing leaves much to be desired.

Today's smart marketers don't sell products; they sell benefit packages. They don't sell purchase value only; they sell use value.

Authentic marketing is not the art of selling what you make but knowing what to make!