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Developing countries often have hypertrophied bureaucracies, requiring businesses to deal with enormous amounts of red tape.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Country
Developing
Red
Enormous
Bureaucracies
Countries
Requiring
Deal
Amounts
Amount
Bureaucracy
Deals
Businesses
Often
Tape
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Real politics is messy and morally ambiguous and doesn't make for a compelling thriller.
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The paradox of Steve Jobs's career is that he had no interest in listening to consumers - he was famously dismissive of market research - yet nonetheless had an amazing sense of what consumers actually wanted.
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Wall Street has come a long way from the insider-dominated world that was blown apart by the Great Depression.
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To be sure, if you watch CNBC all day long you'll pick up some interesting news about particular companies and the economy as a whole. Unfortunately, to get to the useful information, you have to wade through reams of useless stuff, with little guidance on how to distinguish between the two.
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In the days when corporate downsizing was all the rage, Wall Street took a lot of flak for judging companies too harshly and setting the bar for corporate performance so high that executives felt their only option was to slash payrolls.
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Markets work best when there's lots of information available and a historical track record to go on they excel at predicting things like horse races, election outcomes, and box-office results. But they're bad at predicting things like who will be the next Supreme Court nominee, as that depends on the whim of the president.
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Academics, who work for long periods in a self-directed fashion, may be especially prone to putting things off: surveys suggest that the vast majority of college students procrastinate, and articles in the literature of procrastination often allude to the author's own problems with finishing the piece.
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Of course, presidents are always blamed or rewarded for the state of the economy.
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Technological innovation has dramatically lowered the cost of computing, making it possible for large numbers of consumers to own powerful new technologies at reasonably low prices.
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Breaking tasks down into smaller sub-tasks can be very useful.
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Workers who come to the U.S. see their wages and their standard of living boosted sharply simply by crossing the border. That's a good thing, and one of the best arguments for immigration reform, even if you'll rarely hear a politician make it.
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Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer.
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Pop music thrives on repetition. You know a song's a hit when you've heard it so often that you'll be happy never to hear it again.
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Political risk is hard to manage because so much comes down to the personal choices of policymakers, whether prime ministers or heads of central banks.
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Punk rock has never really had much patience with musical virtuosity. Actually, it'd be more accurate to say that for most of its history, punk has been actively hostile to virtuosity.
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One key to successful group decisions is getting people to pay much less attention to what everyone else is saying.
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If small groups are included in the decision-making process, then they should be allowed to make decisions. If an organization sets up teams and then uses them for purely advisory purposes, it loses the true advantage that a team has: namely, collective wisdom.
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I tend to delay writing by doing more research - it's really the act of writing the piece that I have the hardest time with.
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If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
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On Wall Street, fraudulent schemes tend to thrive during economic booms, and to blow up when times turn tough.
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