Anyone who has written more than a handful of lines of code gains the intuition that measuring productivity in terms of code quantity is not a promising approach. But the perception that a codebase is an asset - whether proprietary or otherwise - is present even in engineering cultures.
How do we explain that having code is worth something, but measuring work in terms of writing it isn’t? One answer is that lines of code are valuable, but in such a nonlinear and context-sensitive way that counting and assigning some sort of score is futile.
I find that perspective compelling - but incomplete. To understand why code is valuable we have to first ask what a codebase really is.