He formed the concept of the value chain, essentially the sequence of steps with which a, shall we say, raw material, becomes a component, becomes assembled into a finished product, and then is distributed, for example, and he argued that advantage accrued to each of those components, and that the advantage of the whole was in some sense the sum or the average of that of its parts.
A formulat conceptul lanțului valoric, adică ordinea pașilor prin care materia primă devine un component asamblat într-un produs finit, care e apoi distribuit, de exemplu. El susține că avantajul obţinut din fiecare din aceste părţi, și avantajul întregului proces era cumva suma sau media acelor părți.