I found this mildly snarky piece from Alan Wood in today’s Oz
Google’s worth is not only preoccupying Wall Street advisers and investors, but has generated a great volume of argument on the web itself, which can of course be tracked by using Google. One of the first into the fray was Australian economist John Quiggin, described on his own website as “more intelligent than Britney Spears”.
A popular market guess of the value of Google’s equity is $US20 billion ($28 billion) to $US25 billion, with more recent estimates of $US30 billion or more. Quiggin, who is in fact quite bright, said he couldn’t draw a plausible earnings path that would yield a present value of $US25 billion at any reasonable discount rate.
But what’s really interesting is that I didn’t have to look for the article. It was sent to me by Google news alerts. As I said in the original discussion, I use Google all the time, but unless text ads have a subliminal effect for which Google is being paid, I’ve never contributed a penny to its revenues, and quite possibly never will.” This implies that the social value of Google is more than its market value.