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You might think of consumption as a fairly passive activity, but buying new products and services is actually pretty risky, at least if you value your time and money.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Time
Activity
Think
Value
Risky
Thinking
Pretty
Services
Least
Fairly
Values
Consumption
Actually
Passive
Money
Buying
Might
Products
More quotes by James Surowiecki
The profit motive, indecorous though it may seem, may represent the best chance the poor have to reap some of globalization's benefits.
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Of course, presidents are always blamed or rewarded for the state of the economy.
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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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I typically don't adopt the ascetic approach. In part, that's because I do use the Net for research even as I'm writing (to check facts, or so on). But I think it's also because I find the possibility of distraction comforting.
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If companies tell us more, insider trading will be worth less.
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In part because individual judgement is not accurate enough or consistent enough, cognitive diversity is essential to good decision making.
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I think people don't understand compound interest because typically no one ever explains it to them and the level of financial literacy in the US is very low.
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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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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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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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Of course, looking tough on inflation is part of any central banker's job description: if investors believe that inflation is going to get out of control, you end up with higher interest rates and capital flight, and a vicious circle quickly ensues.
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The business of America shouldn't be subsidizing business.
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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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The Internet has become a remarkable fount of economic and social innovation largely because it's been an archetypal level playing field, on which even sites with little or no money behind them - blogs, say, or Wikipedia - can become influential.
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Lower oil prices won't, by themselves, topple the mullahs in Iran. But it's significant that, historically, when oil prices have been low, Iranian reformers have been ascendant and radicals relatively subdued, and vice versa when prices have been high.
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The U.S. is excellent at importing cheap products from the rest of the world. Let's try importing some human capital instead.
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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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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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Breaking tasks down into smaller sub-tasks can be very useful.
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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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