General Electric's Impact on the State of Ohio’s Economy · 2017-05-04 · overlooking the Ohio...

General Electric's Impact on the State of Ohio’s

Economy

May 2017

An Economic Analysis Prepared by:

1

INTRODUCTION ................................................................................................ 2

OHIO .................................................................................................................... 4

TOTAL ECONOMIC OUTPUT ............................................................................................ 4

EMPLOYMENT .......................................................................................................................... 5

LABOR COMPENSATION ..................................................................................................... 6

CHARITABLE IMPACT ............................................................................................................ 6

INVESTMENT ............................................................................................................................. 7

RESEARCH METHODOLOGY ........................................................................... 8

DEFINITIONS .................................................................................................... 11

APPENDIX ......................................................................................................... 13

REFERENCES ..................................................................................................... 14

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General Electric's Impact on the State of Ohio’s Economy

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INTRODUCTION General Electric Company (GE or 'the company') is a diversified industrial

corporation that offers a wide range of products and services including aircraft

engines, power generation equipment, medical imaging, as well as industrial

financing. The company primarily operates in North America, Europe, Asia, South

America, Australia and Africa and employed approximately 100,000 people in the

United States in 2016.

GE has operated in the state of Ohio for more than a century and is home to GE

Aviation, GE Global Operations, GE Healthcare, GE Lighting and Current, powered

by GE, among other businesses. GE Aviation’s world headquarters is in Ohio and

has locations across the state in Greater Cincinnati, Dayton and Peebles where it

designs, tests and builds jet engines and parts. GE Aviation is the top employer of

engineering graduates from the University of Cincinnati (UC), and maintains on-

going research projects with UC, the University of Dayton and The Ohio State

University. GE’s Global Operations Center was established in Cincinnati in July 2014

and moved to a new 12-story building, spanning over 338,000 square feet,

overlooking the Ohio River and John Roebling Suspension Bridge, in September

2016. The building inauguration, in October 2016, was attended by senior GE

leaders including Chairman and CEO, Jeff Immelt, Mayor of Cincinnati, John Cranley

and other State officials, and is one of GE’s four world-class, multi-functional shared

services centers worldwide. GE Lighting and Current, powered by GE operate in

Nela Park in East Cleveland, where the world headquarters of the Lighting business

has resided since 1913. Nela Park is proud to be home to MC2STEM high school,

the first high school built on the grounds of a fortune 500 campus, in collaboration

with the Cleveland Metropolitan School District. GE has been inventing and

reinventing lighting, and investing in Northeast Ohio communities for more than

100 years.

In 2017, GE asked the business economic intelligence and research company, Frost

& Sullivan, to conduct an economic impact analysis (EIA) of the presence of GE’s

operations in the state of Ohio. This EIA tool, built by researchers at Frost &

Sullivan, can be used to assess various scenarios and identify the potential impacts

of GE’s operational presence on Ohio’s economy in terms of total economic output

impact, job creation, and charitable contributions.

Independent of which impact variable is explored, GE’s impact on the state of Ohio’s

economy can be measured and categorized into three levels of impact:

o Direct impact—the total number of GE jobs created, its associated total

economic output, paid wages, and charitable contributions generated from

GE’s production operations.

GE provides

substantial direct,

indirect, and

induced

socioeconomic

benefits to the

state of Ohio.

3

o Indirect impact—the number of indirect jobs created, its associated

wages, and total economic output related to GE’s direct expenditures on

goods and services through its supply chain and from each US state’s local

economy. This is the economic activity generated by GE’s supply chain to

serve GE’s operational needs.

o Induced impact—the economic impact created as a result of local

spending by GE employees and families, its associated wages and GDP

produced from those induced wages. This is the economic activity

generated by the household expenditures of GE employees in the local

economy.

To calculate these economic impacts, a pragmatic input/output (I/O) production

model was developed. The I/O model is based on the assumption that GE’s presence

in a given economy contributes to the total value of the economy, just like all other

economic actors in the economy and that each economic actor has a direct impact,

an indirect impact, and an induced impact on the total economy through the

economic decisions they make. Each of these types of impact can be measured and

compared to the performance of the total economy. Consequently, economic

impact statements can be made regarding the relative and absolute benefit GE has

on the economy as a whole.

GE provides significant economic and philanthropic benefit to the state of Ohio. In

2016, GE contributed a total of $17.3 billion in direct, indirect, and induced total

production output in the state. GE’s economic presence in Ohio supports 51,591

direct, indirect, and induced fulltime equivalent jobs. This is enough people to fill up

Progressive Field in Cleveland nearly1.5 times. GE employs 14,092 fulltime

manufacturing and professional jobs in state of Ohio and GE supports an additional

12,244 fulltime equivalent jobs in its supply chain. An additional 25,255 fulltime

equivalent jobs are supported by local companies that serve the personal

consumption needs of GE employee households. Consequently, GE’s economic

presence in the state of Ohio has contributed to the generation of $6.239 billion in

total direct, indirect, and induced compensation in 2016 and its employees and its

foundation contributed over $16.1 million in total charitable contributions. Overall,

GE has demonstrated its commitment to the state of Ohio’s economy through its

continued investment and rock-solid presence today, and tomorrow.

This economic analysis only includes the impact of GE’s current operations in the

state of Ohio and does not include the additional economic benefits that GE brings

to the state through recent capital investments, such GE Aviation’s plans to have

invested $500 million in its Evendale operations by 2020 or the company’s new

Global Operations Center which opened in Cincinnati in September 2016. These

investments lead to additional construction and infrastructure jobs and economic

activity which are not covered in this report.

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4

OHIO TOTAL ECONOMIC OUTPUT

GE provides significant economic and philanthropic benefit to the state of Ohio due

to its presence in the state. In 2016, the company contributed a total of $17.3 billion

in direct, indirect, and induced total production output in the state of Ohio. That is

the same as $47.38 million of total economic production output per day, $1.97

million per hour, and $548 per second. The source of this total economic output is

derived from three sources; GE’s direct productivity contributed 31.8% of the total

economic impact, the productive output of GE’s supply chain, or the indirect impact

of GE’s presence in the state, contributed 57.2% of the total economic impact, and

the economic output of local businesses that serve GE employee household

consumption induced 11% of the total economic output created by GE’s presence

in the state of Ohio. GE’s economic output within the state of Ohio is shown below

in both absolute and relative terms.

Total Economic Output Attributed to GE’s Presence in the State of Ohio (Total Direct,

Indirect, and Induced), USD, 2016

GE's Impact on the U.S. State of Ohio – Total Economic Output, USD Million, 2016

Metrics Total Economic Impact

Direct $5,504.1

Indirect $9,907.5

Total Direct and Indirect Impact $15,411.7

Induced Impact $1,895.6

Total $17,307.3

Direct

31.8%

Indirect

57.2%

Induced

11.0%

Relative Economic Output attributed to GE’s

Presence in the State of Ohio by Impact Type

(Direct, Indirect, and Induced), 2016

PER DAY

$47.38M

PER HOUR

$1.97M

PER YEAR

$17.3B

PER SECOND

$548

$17.3B

Economic Output Attributed to GE’s

Presence in the State of Ohio per $1

Spent on GE Employee Compensation,

USD, 2016

Source: Frost & Sullivan


STATE OVERVIEW

Ohio is the 7th most

populous state in the

USA, with a population

of 11.6 million people.

Manufacturing and

financial activities are

Ohio’s largest industries

by GDP impact. Ohio is

the leading USA

producer of plastics,

rubber, fabricated

metals, electrical

equipment, and

appliances. Ohio’s manufacturing sector is

the third largest in the

USA and is critical to

Ohio’s ongoing economic

health.

Population: 11.6 million

GDP: $610 billion

Employment: 5.4

million

Unemployment Rate:

5.1%

$9.08 Total Economic Output

$1 Spent on GE Compensation Leads to

5

EMPLOYMENT

GE’s economic presence in the state of Ohio supports 51,591 direct, indirect, and

induced fulltime equivalent jobs. This is enough people to fill up Progressive Field in

Cleveland 1.5 times. In all, one GE job in the state of Ohio supports an additional

2.66 fulltime equivalent jobs in Ohio, independent of the industry sector.

GE employs 14,092 fulltime manufacturing and professional jobs in the state of Ohio

and GE’s supply chain supports 12,244 fulltime equivalent jobs in order to address

GE’s business activity needs. Furthermore, 25,255 fulltime equivalent jobs are

induced to serve the personal consumption needs of GE employee households.

Specifically, for every 100 direct fulltime equivalent GE jobs employed in the state

of Ohio, 65 retail trade jobs (9,179 total FTE jobs) and 39 health care and social

assistance jobs (5,532 total FTE jobs) are supported. In addition, for every 100 GE

jobs, 24 fulltime equivalent accommodation and food service jobs (3,332 total FTE

jobs) and 12 education services including teachers (1,692 total FTE jobs) are also

supported by the presence of GE and its supply chain partners in the state of Ohio.

GE's Impact on the U.S. State of Ohio – # of Additional Jobs Supported per 100 GE Jobs

Employed, USD Million, 2016

Industry Sector Measure

Retail trade 65

Health care and social assistance 39

Professional and business services 29

Manufacturing 24

Accommodation and food services 24

Educational services 12

All Others 73

Total Jobs Supported per 100 GE Jobs Employed 266

GE's Impact on the U.S. State of Ohio – Total Jobs Supported, Fulltime Equivalent Jobs,

2016

Every GE job in Ohio

creates 2.66 additional

jobs within the state.

This positive feedback

helps to create jobs in a

wider variety of industry sectors.


Manufacturing

8,272

Retail trade

9,179

Professional and

business services13,365

Educational

services1,692

Health care and

social assistance5,532

Accommodation

and food services3,332

All Others

10,220

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6

LABOR COMPENSATION

GE’s economic presence in the state of Ohio has contributed to the generation of

$6.239 billion in total direct, indirect, and induced compensation in 2016.

Furthermore, GE compensates its direct employees significantly more than the

average Ohio business. Specifically, GE compensates its average employee 2.41

times more than the state’s average compensation rate. This increased

compensation rate leads to a significantly greater economic output potential; $9.08

of total direct, indirect, and induced economic output was created for every $1 of

GE compensation expended in 2016.

CHARITABLE IMPACT

The benefits of GE’s presence in the state of Ohio go beyond the economy as

indicated in its direct contributions to the communities of Ohio. In 2016, GE’s

employees and the GE Foundation contributed $16.08 million in total charitable

contributions (equivalent to $1,141 per employee) and provided 51,824 pro bono

volunteer hours to local charities in Ohio. Overall, General Electric has clearly

demonstrated its commitment to the state of Ohio’s overall economy and its

communities through its continued investment and charitable impact.

GE's Charitable Impact – Monetary Donations and Volunteer Hours, Ohio, 2016

Metric Unit of Measure Measure

GE Monetary Donations USD $16,077,966

GE Monetary Donations

per GE Employee USD/person $1,141

Volunteer Hours Pro Bono Hours 51,824

$6.239B

Total GE Attributed Direct, Indirect,

and Induced Employee

Compensation, Ohio, 2016

2.41x

Average GE Compensation

Relative to State Average per

State, Ohio, 2016


GE contributed

$16,077,966 in total

charitable contributions

and provided 51,824

pro bono volunteer

hours to local charities

in Ohio.

GE compensates its

average employee 2.41

times more than the

state’s average

compensation rate.

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INVESTMENT

The economic analysis contained in this report only includes the impact of GE’s

current operations in the state of Ohio. It does not include the additional economic

benefits that GE brings to the state through recent capital investments and other

contributions.

In September 2016, GE opened its new Global Operations Center in Cincinnati, a

338,000-square-foot, 12-story facility overlooking the Ohio River. The $90 million

project supported additional construction and infrastructure jobs and economic

activity in the state, and 1,800 employees are projected to be employed at the

Center by the end of 2017. This new facility opening will contribute roughly $1

billion of annual economic impact to Cincinnati by 2018, according to the University

of Cincinnati Economics Center. The Global Operations Center is home to GE’s

multifunctional shared services organization, supporting the company’s

Finance/Accounting, HR, IT, Supply Chain, Legal/EHS and Commercial Operations,

and is one of only four centers of scale worldwide.

In March 2016, GE Aviation announced it expects to have invested $500 million in

its Evendale operations in the decade of 2010-2020, boosting research and

development and jet engine testing capabilities in addition to its manufacturing

operations in the area. New additions to GE Aviation’s Evendale Campus and

neighboring operations include a $100 million center to test engine combustors, a

$140 million additive development center, a CMC FastWorks Lab and a GE Family

Wellness Center. In 2013, GE established its Aviation Research Center with the

University of Cincinnati and opened $50 million Electrical Power Integrated Systems

R&D Center (EPISCENTER) at the University of Dayton campus in collaboration

with the University of Dayton Research Institute. Additionally, GE Aviation’s engine

test center at Peebles underwent $90 million expansion in 2007 followed by a

second $70 million expansion in 2013. These investments supported additional

construction and infrastructure jobs overtime and bolstered the region’s local

economy.

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RESEARCH METHODOLOGY There are a number of approaches in measuring the economic impact of a given

company’s operational presence, but the most common and acceptable economic

model is the input-output (I/O) method, invented by Nobel Prize-winner Wassily

Leontief. The Leontief I/O model is based on using matrices that report the value

of inputs (in producer prices) delivered at the national and regional level by a set of

industry sectors used by the same set of industry sectors producing output at the

national and regional level (and also measured in producer prices). These matrices,

known as national input-output tables, are produced and published in the United

States by the Department of Commerce’s Bureau of Economic Analysis (BEA).

There are 3 types of economic impacts – direct, indirect, and induced – that are

generally recognized by economic practitioners of the I/O model:

Direct Impact—the total number of jobs created and its associated value-

add to the local economy, paid wages, and associated federal, state, and local

income taxes generated from the primary economic entity of importance.

The primary economic entity of importance can be a given

company/corporation, industry sector, project, or organization.

Indirect Impact—the number of indirect jobs created, its associated wages,

and generated federal, state, and local income taxes related to primary

economic entity of importance’s direct expenditures on goods and services

within its supply chain and from each region’s local economy. This is the

economic activity generated by primary economic entity of importance’s

supply chain in order to serve primary economic entity of importance’s

operational needs.

Induced Impact—the economic impact created as a result of local spending

by the households of employees of the primary economic entity of

importance. These expended wages are used to create new wages, new

GDP, and new federal, state, and local income taxes generated in order to

deliver goods and services to the households of employees of the primary

economic entity of importance. This is the economic activity generated by

the household expenditures of the employees of primary economic entity

of importance in the local economy.

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I/O matrix tables are used to calculate economic impact multipliers used in the EIA

model. Multipliers are parameters that are used for calculating the total impact on

all industry sectors in an economy (including cascading effects derived from the

entire value chain) of changes in the demand for the output of any given industry

sector. These multipliers describe the expected, or average, effects and not marginal

effects. Thus, these multiples do not take into consideration economies of scale,

unused production capacity or technological change but they still provide a good

picture of the inter-relationships between industry sectors that supply valuable

inputs and industry sectors that use these inputs to make more valuable products.

Specifically, these multipliers can be used to calculate the direct and indirect

economic impacts of a new investment in an economy or the size of the economic

importance of a company, product, project, etc. in terms of the value of total

production output (in producer prices), gross value added (which is also a proxy

for gross domestic product), the total employment (in terms of the number of full

time equivalent jobs created), total expenditures on labor compensation, tax

revenue generation, and shareholder profits.

An I/O matrix table models the organization of the United States’ entire industrial

production system in a given year. The row of an I/O table reports the value of

inputs sold to each industry sector for a given industry sector and the sum of a row

report’s the total value of sold inputs across all industry sectors. The column of an

I/O table reports the value of the inputs used and paid for by a given industry sector.

It is similar to a bill of material’s used by a given industry sector and the sum of a

given column equals the total expenditure on inputs used to create the given

industry’s output. Thus, I/O matrix tables show the relationships that exist between

industrial sectors in a given region.

An I/O table also includes expenditures paid out to various stakeholders for each

of the industry sectors, including total compensation paid out to labor for their help

in transforming the acquired inputs into valuable industrial output, expenditure to

federal, State, and local governments in the form of production and import taxes,

and payments to shareholders and creditors. The sum of all payments to the value

chain for inputs and all other stakeholders for their contributions in transforming

the inputs into valuable production output equals the total economic impact of the

given industry sector’s activity in the given region.

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As stated previously, the BEA provides national I/O tables that must be adjusted for

regional scale and variance since the size and mix of industrial sectors participating

in each region clearly varies from the aggregated national reporting. In order to

control for this variance, location quotient (LQ) weights can be applied to the

national table in order to scale and adjust the table. The LQ weight is calculated by

taking the ratio of a given industry sector’s share of regional earnings and the given

industry sector’s share of national earnings. If the LQ ratio is less than one, then the

ratio is multiplied by the regional share of the industry sector’s earnings relative to

the national earnings. If the LQ ratio is greater than one, then only the regional

share of the industry sector’s earnings relative to the national earnings is used as

the weight. In addition, primary research and expert judgment must be applied to

check to make sure that the weighted I/O table is truly representative of each state’s

economic interactivity between industry sectors supplying inputs and industry

sectors producing output. In other words, each intersection within the I/O table

must be reviewed and adjusted accordingly if newer or better information is

available.

The following inputs were utilized in this economic analysis:

o Total Production Output and Gross Value-Added of GE’s operations and

the U.S. State in general per U.S. state

o GE provided inputs, including the number of production-related and

professional jobs created per U.S. state and expenditures on goods and

services for local operations from the local economy

o Local employment trends per U.S. state

o Average compensation and wages per laborer in each U.S. state

o Number of employees per industry sector per U.S. state

o Production, Import, and other taxes paid per U.S. state

o Average household/personal expenditures on local goods and services

o Expenditure on local charities by GE and each U.S. state in general

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DEFINITIONS This analysis looks at various measures of economic impact of GE’s presence in each

of the states under investigation in this report. The list below of economic impacts

shows the specific economic impacts measured for the purposes of this analysis.

Total economic output – Also called Total Value of Production Output, this

metric reflects the total value of all production activity of a given primary economic

entity of importance. A primary economic entity of importance can be a single

corporation like GE, a set of companies, or an entire industry sector. Specifically,

this measure is basically the value of all production activity, in producer prices,

related to presence of GE in the state and includes the value of production of GE

(direct impact), the suppliers of GE (indirect impact), and the businesses that serves

GE employee household personal expenditure (induced impact). The Total

Economic Output is also equal to the sum of all payments to all of GE’s stakeholders

including the raw material/input suppliers (payments for raw materials), direct

employees (compensation payments), and payments to other stakeholders including

governments (taxation), creditors (interest payments on debt), and profits

(payments to owners). In other words, this metric can be thought of as a proxy for

TOTAL REVENUE generated by GE plus TOTAL REVENUE generated by GE’s

supply chain plus TOTAL REVENUE generated by companies servicing GE and its

employee’s households. Total economic production output per time period can be

easily deduced.

Gross Value Added – This metric is the total value created by GE due to the

transformation of the sourced raw materials/inputs into something more valuable.

This metric is equal to the sum of all payments to employees (compensation

payments) and payments to other stakeholders including governments (taxation),

creditors (interest payments on debt), and profits (payments to owners). This

metric excludes payments to input suppliers.

Labor Compensation – This metric is the total wages and benefits created and

paid out directly by GE (direct impact), the indirect labor payments of GE’s supply

chain, and any wages and benefits created and paid out by the local companies

servicing the needs of GE employee households (induced impact). This is a

component of Gross Value Added. Using the results of the I/O model developed

for this report, the average GE labor compensation relative to the given state’s

average labor compensation (ratio of GE compensation relative to average state

compensation; $GE wage/$ average state wage).

Employment – This metric is the total number of fulltime equivalent jobs created

by GE (direct impact), the total number of fulltime equivalent jobs created by GE’s

supply chain as a consequence of servicing the raw material needs of GE (indirect

impact), and the total number of fulltime equivalent jobs created by local companies

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servicing the needs of GE employee households (induced impact). All employment

findings reported in this analysis are measured in fulltime equivalent jobs. Using

multiples derived from the I/O model, types of jobs created by industry sector can

be deduced. In addition, the number of indirect and induced jobs created due to

GE’s presence per one GE job created and total direct, indirect, and induced jobs

created relative to total state jobs can be deduced.

Charitable Impact – This metric measures the total direct charitable expenditure

by GE and its employees in the form of payments to local charities (monentary

donations) or through donated time (charitable pro bono hours). Charitable Impact

can be measured per GE employee and in total terms.

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APPENDIX General Electric's Impact on the U.S. State of Ohio – Economic Impact Summary Table,

USD Million, 2016

Metrics

Total

Economic Impact

Gross

Valued Added

Rest of

Value Added*

Labor Compensation

Employees (People)

Direct $5,504.1 $3,008.7 $1,102.0 $1,906.7 14,092

Indirect $9,907.5 $5,360.4 $2,040.5 $3,320.0 12,244

Total Direct and Indirect Impact^

$15,411.7 $8,369.2 $3,142.5 $5,226.7 26,336

Induced Impact@ $1,895.6 $1,721.1 $708.6 $1,012.6 25,255

Total $17,307.3 $10,090.3 $3,851.1 $6,239.2 51,591

* Includes estimated government tax types (Federal, State, and Local; Corporate, Income, Property, Sales, and Others), payments to creditors, and payments to owners (profits)

^ Excludes Second-order Induced Wholesale Trade and Construction Jobs. All Jobs are Full-Time Equivalent. @ GE + Upstream Value Chain Partners

General Electric's Impact on the U.S. State of Ohio – Number of Jobs Supported by

Industry Sector, # of Employees, 2016

Industry Sector Direct Jobs Indirect Jobs Induced Jobs Total Jobs

Manufacturing 4,879 3,393 - 8,272

Retail trade - 119 9,060 9,179

Professional and business services 9,213 4,152 - 13,365

Educational services - 10 1,682 1,692

Health care and social assistance - 5 5,527 5,532

Accommodation and food services - 511 2,821 3,332

All Others - 4,055 6,165 10,220

Total 14,092 12,244 25,255 51,591

Note: Excludes Second-order Induced Wholesale Trade and Construction Jobs. All Jobs are Full-Time Equivalent. Source: Frost & Sullivan Analysis

General Electric's Impact on the U.S. State of Ohio – Charitable Impact, USD Million,

2016

Metrics Grand Total

Ohio $16,077,966

Note: NPISH = Nonprofit Institutions Serving Households

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REFERENCES Angelos Pagulatos and Kurt R. Anschel. (October 1981). An I-O Study of the Economic

Structure of Appalachian Kentucky. Growth & Change. Wiley-Blackwell

Dan S. Rickman. (April 2001) Using Input-Output Information for Bayesian Forecasting of

Industry Employment in a Regional Econometric Model. International Regional Science

Review 24, 2: 226–244

Information Sources: Bureau of Economic Analysis; U.S. Department of Commerce.

Retrieved at https://www.bea.gov/iTable/index_regional.cfm

Miller, Ronald E.; Blair, Peter D. (2009). Input-Output Analysis: Foundations and

Extensions. Cambridge, GBR: Cambridge University Press 10. Retrieved at

http://site.ebrary.com/lib/mitlibraries/Doc?id=10329730&ppg=44

Rebecca Bess and Zoë O. Ambargis (2011) Input-Output Models for Impact Analysis:

Suggestions for Practitioners Using RIMS II Multipliers. Presented at the 50th Southern

Regional Science Association Conference. March 23-27, 2011, New Orleans, Louisiana

U.S. Department of Commerce (1997) Regional Multipliers. A User Handbook for the

Regional Input-Output Modeling System (RIMS II). Third Edition. March 1997

https://www.bea.gov/iTable/index_regional.cfm

http://site.ebrary.com/lib/mitlibraries/Doc?id=10329730&ppg=44

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