Some Thoughts on Steve Jobs’ Legacy

By Michael Osterman
in

It’s difficult to see a reference to Steve Jobs’ passing yesterday without also seeing the word “visionary” within a few words of his name—and rightly so, because he truly was a visionary, the likes of whom we see only a few times each century.

But let’s consider what Jobs did from a purely economic standpoint:

  • His vision, passion and hard work created tens of thousands of jobs (roughly 50,000 people work for Apple), all of which provide employees with discretionary income to contribute to a variety of causes.
  • In FY2010 Apple generated $65.2 billion in revenue and paid $4.5 billion in corporate income taxes, not to mention the personal income taxes paid by its employees and the sales taxes paid by its customers.
  • When Jobs came back to Apple in 1997, its adjusted stock price was $3.28 per share (as of 12/31/1997); the stock price on the day of his passing was $378.25, helping to fund the retirement accounts for tens of thousands of investors.
  • The technology and design for which he is responsible has generated entire industries that themselves produce enormous amounts of employee income, retirement income and tax revenue.

Jobs did his work almost without reference to himself or his politics. He was responsible for creating more wages, more wealth and more tax revenue than the vast majority of politicians. Instead of trying to change his world by running for office or marching through city streets or bloviating about what should be done, he simply went out and did what could be done. While he probably did little direct volunteer work, his indirect contribution to charities and other laudable efforts around the globe are incalculable. In short, his work and vision and passion were more responsible for helping others than those who talk about helping, but do little to make it happen.

Jobs will be sorely missed in many ways, not least of which is the economic impact he had on the world around him.

Published October 6, 2011