James Surowiecki Quotes
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A long-term crisis, after a certain point, no longer seems like a crisis. It seems like the way things are.
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In industries where a lot of competitors are selling the same product - mangoes, gasoline, DVD players - price is the easiest way to distinguish yourself. The hope is that if you cut prices enough you can increase your market share, and even your profits. But this works only if your competitors won't, or can't, follow suit.
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The problem with venality in business is that getting outraged about it makes it easy to miss the systemic problems that venality often disguises.
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There are certainly valid reasons for taking a company private, and it's also possible that C.E.O.s perform better when monitored by a small number of owners in a private company rather than by the dispersed and often uninterested shareholders of a public corporation.
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It may be that the very qualities that help people get ahead are the ones that make them ill-suited for managing crises. It's hard to prepare for the worst when you think you're the best.
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The desire for reinvention seems to arise most often when companies hear the siren call of synergy and start to expand beyond their core businesses.
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What the investment community does like is short-term measures designed to boost share prices.
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Discussions of health care in the U.S. usually focus on insurance companies, but, whatever their problems, they're not the main driver of health-care inflation: providers are.
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A consumer-finance agency is a good thing, but it would do well to teach consumers a simple lesson: if you don't understand the deal you're making, don't make it.
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The reason advertising is governed by fear, after all, is that most agencies rely on just a few clients to bring in the lion's share of their revenues.
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In some respects, the video-game business is a lot like the razor business, which follows a simple model: Give away the razor, gouge 'em on the price of the blades.
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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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If we want our regulators to do better, we have to embrace a simple idea: regulation isn't an obstacle to thriving free markets; it's a vital part of them.
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The fact that industries wax and wane is a reality of any economic system that wants to remain dynamic and responsive to people's changing tastes.
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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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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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What an economy really wants, after all, is not more investment per se but better investment. It wants capital to flow to companies that will create value - not in the form of a rising stock price but in the form of more goods for less cost, more jobs, and rising wages - by enhancing productivity.
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Of course, politicians always say they're just describing their opponents' positions, even if they are in fact offering absurd caricatures, if not outright lies.
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Intellectual-property rules are clearly necessary to spur innovation: if every invention could be stolen, or every new drug immediately copied, few people would invest in innovation. But too much protection can strangle competition and can limit what economists call 'incremental innovation' - innovations that build, in some way, on others.
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Art collecting has traditionally been the domain of wealthy individuals in search of rewards beyond the purely financial.
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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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Companies, like people, don't much like to change.
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Now, modern economies have a very effective mechanism for deciding if salaries are really too high: it's called the free market. That's how most people's salaries are set, after all, including those of major-league baseball players and European soccer players.
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Politically speaking, it's always easier to shell out money for a disaster that has already happened, with clearly identifiable victims, than to invest money in protecting against something that may or may not happen in the future.