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Wall Street has come a long way from the insider-dominated world that was blown apart by the Great Depression.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Way
Depression
World
Apart
Street
Streets
Wall
Insider
Come
Insiders
Great
Dominated
Long
Blown
More quotes by James Surowiecki
All things being equal, letting people make decisions for themselves will produce smarter outcomes, collectively, than relying on government planners.
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The fundamental problem with banks is what it's always been: they're in the business of banking, and banking, whether plain vanilla or incredibly sophisticated, is inherently risky.
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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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Downsizing itself is an inevitable part of any creatively destructive economy.
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Medical tourism can be considered a kind of import: instead of the product coming to the consumer, as it does with cars or sneakers, the consumer is going to the product.
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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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The smartest groups, then, are made up of people with diverse perspectives who are able to stay independent of each other. Independence doesn't imply rationality or impartiality, though. You can be biased and irrational, but as long as you're independent, you won't make the group any dumber.
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In order to work well, markets need a basic level of trust.
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What corporations fear is the phenomenon now known, rather inelegantly, as 'commoditization.' What the term means is simply the conversion of the market for a given product into a commodity market, which is characterized by declining prices and profit margins, increasing competition, and lowered barriers to entry.
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Tough times have always lent themselves to nativist sentiments and closed-door policies. But in the case of highly skilled immigrants these policies are a recipe for stagnation.
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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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One of the problems that exacerbates procrastination is the feeling that you have lots of different things to do and no clear sense of which matter more, when they should be done, etc.
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A general principle of good taxation is that similar jobs, and similar kinds of compensation, should be taxed the same way: otherwise, the government is effectively subsidizing some jobs over others.
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The financial crisis of 2008 was not caused by investment banks betting against the housing market in 2007. It was caused by the fact that too few investors - including all of the big investment banks - bet too heavily on the housing market in the years before 2007.
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If you thought the advent of the Internet, the spread of cheap and efficient information technology, and the growing fragmentation of the consumer market were all going to help smaller companies thrive at the expense of the slow-moving giants of the Fortune 500, apparently you were wrong.
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Life insurance became popular only when insurance companies stopped emphasizing it as a good investment and sold it instead as a symbolic commitment by fathers to the future well-being of their families.
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You'll sometimes hear from people that they actually do a better job of getting their work done when they have a lot of other obligations - in effect, it removes the possibility of procrastinating.
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In a world where companies increasingly know about their business in real time, it makes no sense that public reporting mostly follows the old quarterly schedule. Companies sit on vital information until reporting day, at which point the market goes crazy.
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Moviegoers love the intricacies of a crime all the more when it's for a good cause.
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Companies, like people, don't much like to change.
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