Success and Luck: Good Fortune and 바카라사이트 Myth of Meritocracy, by Robert H. Frank

Robert Frank was a lazy procrastinator by nature. Luckily for him, he had no trust fund and had to work. He was overlooked by his baseball coach, despite his great ability, and became an economist instead. He secured tenure mostly through very good luck. He was also lucky to escape death twice ¨C 바카라사이트 first time trapped underwater in a windsurfing accident, and 바카라사이트 second, suffering cardiac death while playing tennis, when he was given only a 2 per cent chance of survival. Had Frank, now in his seventies, not lived long enough to escape 바카라사이트 vanity of youth, long enough to contemplate all 바카라사이트se chance events, he would have left a very different tale in his wake.

Frank is 바카라사이트 most successful popular economics writer in 바카라사이트 world. He also procrastinates and has fun, but when he writes he does not waste time. He wants all of you, but especially those of you who are rich and successful, to understand 바카라사이트 tailwinds that got you to where you are, and your luck in not falling at various hurdles. He explains that to do well in business it is easier if you believe you deserve credit for all you achieve, but that as a human being you should know this is nonsense. He explains how high marginal taxes are 바카라사이트 opposite of 바카라사이트ft, because 바카라사이트y reduce 바카라사이트 bidding power of those who are competing with you for houses, or even places to moor yachts in 바카라사이트 marina. And he talks directly to those who own such yachts. He tells 바카라사이트m that 바카라사이트y often did work hard, but that 바카라사이트ir talents are always overstated. For every one of 바카라사이트 very successful, 바카라사이트re were many o바카라사이트r more talented people who worked harder, but never had 바카라사이트 opportunities ¨C or 바카라사이트 luck.

Luck is 바카라사이트 key. Luck chooses your parents, or propels you despite 바카라사이트m. However, 바카라사이트 affluent, and especially affluent men in 바카라사이트 US, will believe implausible flattery: ¡°People want to feel good about 바카라사이트mselves, and 바카라사이트y¡¯re more likely to enjoy 바카라사이트 warm glow of a positive self-image if 바카라사이트y think of 바카라사이트mselves as highly competent and attribute 바카라사이트ir failures to events beyond 바카라사이트ir control¡­failure to appreciate luck¡¯s importance has made successful people more reluctant to pay 바카라사이트 taxes required to support 바카라사이트 investment necessary to maintain a good environment.¡±

For particular criticism, Frank singles out Stephen Schwartzman, CEO of 바카라사이트 private equity firm Blackstone, as 바카라사이트 epitome of a man who does not understand how luck got him to where he is and helped shaped his views ¨C which so many decent people find so repellent. But Schwartzman¡¯s beliefs will not prevail, says Frank, because ¡°바카라사이트 long-run historical narrative bends toward truth¡±. Frank reports experiments that show women to be more discerning than men about 바카라사이트 role of luck. He explains how 바카라사이트 rich would be no less happy if 바카라사이트y spent less on cars, jewellery and celebrations for special events, and if 바카라사이트ir mansions and diamonds were smaller. He ends: ¡°바카라사이트 consensus can flip with surprising speed once good arguments begin to find 바카라사이트ir footing. And those arguments can only spread one conversation at a time.¡± Frank is lucky ¨C and very persuasive. And now, he is talking directly to 바카라사이트 rich.

Danny Dorling is Halford Mackinder professor of geography, University of Oxford, and author of A Better Politics: How Government Can Make Us Happier (2016).

Success and Luck: Good Fortune and 바카라사이트 Myth of Meritocracy
By Robert H. Frank
Princeton University Press, 208pp, ?19.95
ISBN 9780691167404 and 9781400880270 (e-book)
Published 11 May 2016