It s a more complex world today, and, in that sense, Apple is representative of that world.
— Michael Feroli, chief United States economist for JPMorgan Chase, on how tough it is to calculate the effect of the iPhone, and therefore Apple, on the U.S. and world economy. Feroli estimates that iPhone sales are adding one-quarter to one-third of a percentage point to the annualized growth rate of the gross domestic product, according to the New York Times. That s because, he says, it s a little gadget, but it costs a lot and it seems that everybody has one. That affects Wall Street, too, including Americans 401(k)s. Also affected are the economies of other places where the gadgets are manufactured, plus where the company keeps its cash.
Photo: Apple executive Phil Schiller announces new iPhones during a special event at the Flint Center for the Performing Arts on Sept. 9, 2014 in Cupertino. (Justin Sullivan/Getty Images)