Stock Valuation - Interest rates, Dividends, and Shares Repurchases
We value stock if no dividends are paid, exactly for the reason you mention, we can sell them at a higher value later on. The value added to the stock if we invest the profits (would be dividends) into the company should be around the same value the dividends would pay off. However instead of paying taxes each time we get a dividend we can pay them just once when the stock is sold potentially saving on taxes.

P.s. Blanchard is a great book and how I first started learning macro :).