Clay Christensen:

The financial doctrines so zealously followed by American companies might help optimize capital when it is scarce. But capital is abundant. If we are to see our economy really grow, we need to encourage migratory capital to become productive capital — capital invested for the long-term in empowering innovations. But until deeply held belief systems and complex codes are changed, I fear we will continue to experience over-investment in efficiency and meager attention to empowering innovation, growth and jobs.

It’s interesting to see this line of thinking starting to grow. The accepted methods for managing the finances of a company were developed in the early to mid-20th century, when capital was very scarce and they had to maximize each dollar. That’s not so true today.