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There does seem to be some evidence that as people get older, they procrastinate less, perhaps because they feel the pressure of time more.
James Surowiecki
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James Surowiecki
Age: 57
Born: 1967
Born: April 30
Journalist
Writer
Meriden
Connecticut
James Michael Surowiecki
Less
Seems
Procrastinate
Doe
Procrastinating
Feel
Older
Feels
Pressure
Time
Evidence
People
Perhaps
Seem
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All things being equal, letting people make decisions for themselves will produce smarter outcomes, collectively, than relying on government planners.
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Self-dealing, essentially, occurs when managers run companies to line their own pockets instead of those of the companies' owners. It's been a perennial problem in American capitalism and became a real dilemma when America moved toward a model in which corporations would be run by professional managers who had only small ownership stakes.
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The ban on sports betting does exactly what Prohibition did. It makes criminals rich.
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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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Capitalism, after all, is no fun when real failure becomes a possibility.
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Breaking tasks down into smaller sub-tasks can be very useful.
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Under the right circumstances, groups are remarkably smart - smarter even sometimes than the smartest people in them.
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Of course, plenty of people don't think that guaranteeing affordable health insurance is a core responsibility of government.
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Sometimes even a smart crowd will make a mistake.
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I think there is clearly a connection between free time and procrastination. The more you have of the former, all things being equal, the more likely you are to procrastinate.
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Groups are only smart when there is a balance between the information that everyone in the group shares and the information that each of the members of the group holds privately. It's the combination of all those pieces of independent information, some of them right, some of the wrong, that keeps the group wise.
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In terms of productivity - that is, how much a worker produces in an hour - there's little difference between the U.S., France, and Germany. But since more people work in America, and since they work so many more hours, Americans create more wealth.
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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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