Wednesday, October 29, 2008

Diminishing returns

Knowledge is the only instrument of production that is not subject to diminishing returns.
-- John Maurice Clarke, Economist

That's BS, innit? Unless you constantly renew your knowledge, you'll definitely get diminishing returns.

3 comments:

Alex said...

All physical tools diminish after time. Knowledge builds up over time.

However when a team member leaves, a lot of knowledge is lost.

Anonymous said...

SO TRUE, Alex!!

IMHO, I believe that is because American technical companies don't *get* how to cross-train. Nor do they truly understand the true concept of *team work*. It might be a crude example but...I have always wondered WHY they haven't focused more on the above -- like being in the trenches during a war (I know...pretty extreme but...ain't it like having a limb blown off, when you lose a *team member* of a BIG project?!) -- where you are mentoring [at least] one other employee on the product line/device/project (whatever) that you are working on, so that IF something does happen, someone else can step in and keep it going!! (the "cover me; I'm going out" kind of deal of a fellow soldier...in a war zone!)

I have always thought that companies are so short-sighted and ignorant in this concept. And...you think that they would have wised up, over the years, when ALL of their talent/experience/YEARS of expertise walks out the door!! They don't seem to realize that they have shot themselves in the foot. But...seemingly, they also seem to not give a rip!!

Sorry...you touched on a HOT topic, that sets me OFF...like a time bomb! lol!

Alex said...

US Companies seem to value knowledge. I survived serveral RIFs in my previous company, there were a core of us who they tried to maintain, to maintain the knowledge base.

The only time you we directed to learn what someone was doing was in the week before they were ousted. Then you had to do it covertly!

We have lost whole departments in the past, any mentoring therein became lost anyway. I remember being in a on-line discussion at a technical web site where retention of knowledge was the subject. Lots of neat ideas, but I couldn't see a workable solution amongst them.