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tsuomela : luck   17

Frank, R.H.: Success and Luck: Good Fortune and the Myth of Meritocracy (Hardcover, Paperback and eBook) | Princeton University Press
"How important is luck in economic success? No question more reliably divides conservatives from liberals. As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success—and why that hurts everyone, even the wealthy. Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones—and enormous income differences—over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways. But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year—more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, noncontroversial steps."
book  publisher  meritocracy  merit  success  luck 
december 2017 by tsuomela
The New Elitists -
" The narrative of openness and talent obscures the bitter truth of the American experience. Talents are costly to develop, and we refuse to socialize these costs. To be an outstanding student requires not just smarts and dedication but a well-supported school, a safe, comfortable home and leisure time to cultivate the self. These are not widely available. When some students struggle, they can later tell the story of their triumph over adversity, often without mentioning the helping hand of a tutor. Other students simply fail without such expensive aids." Annotated link
elites  class  economics  ability  success  luck  talent  inequality 
july 2012 by tsuomela
Philo-of-eco blog: Specialization without Trade (or naked self-interest of ignorant economists) - New APPS: Art, Politics, Philosophy, Science
"A taxi driver, who moves from La Paz, Bolivia, to New York city can (with a little bit of credentialing) without any change in his skills make a lot of extra income as a taxi driver. (An economics professor who moves from Harvard to Karachi experiences the reverse.) This suggests that our actual individual income is a poor proxy for the individual contribution to marginal product."
economics  luck  morality  just-deserts  philosophy  income 
february 2011 by tsuomela
Morgan Freeman and the Fallback Position | No Map. No Guide. No Limits.
“I’d tell them to be an actor,” Freeman said, shaking his head. “If they have something to fall back on, that’s the position they’ll be working from. The fallback position. And they’ll never make it.”

It’s easy enough to say. But in those words lies a tough, significant truth: pursuing dreams is unbelievably hard. Talent matters, connections matter, and luck plays a big role in the outcome, as well. But dogged, relentless persistence is the biggest differentiating factor in those who find a way forward and those who don’t.
goals  ambition  determination  talent  luck  persistence  advice 
september 2010 by tsuomela
Are "Great" Companies Just Lucky? -
Studies that examine high-performing companies to uncover the reasons for their success are both popular and influential. They’re the basis of the insights behind best sellers like In Search of Excellence and Good to Great. But there’s a problem: The “great” companies from which these studies draw their conclusions are mostly just lucky.
business  books  publishing  luck  success 
april 2009 by tsuomela

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