User: Yellow man
Copy: #1
Making high-stakes business decisions has always been hard. But in recent decades, as the complexities of global commerce have deepened, it’s become tougher than ever. One decision-making tool—human intuition—seems to offer a reliable alternative to painstaking fact gathering and analysis. Encouraged by scientific research on intuition, top managers feel increasingly confident that, when faced with complicated choices, they can just trust their gut. Indeed, a survey that was conducted in May 2002 by executive search firm Christian & Timbers reveals that fully 45% of corporate executives now rely more on instinct than on facts and figures in running their businesses. Decision-making consultant Gary Klein, in his book Intuition at Work, expresses the common wisdom when he says that intuition is “at the center of the decision-making process” and that analysis is, at best, “a supporting tool for making intuitive decisions.” Intuition has its place in decision making—you should not ignore your instincts any more than you should ignore your conscience—but anyone who thinks that intuition is a substitute for reason is indulging in a risky delusion.
Original:
https://hbr.org/2003/05/dont-trust-your-gut
There is no group of people that has a more complicated role in the Economy than billionaires. In theory, billionaires generate a positive economic impact through the creation of jobs and services for the public. Of course, the truth is a lot more complicated.The next notable wealthy person was Mansa Musa, a Medieval West African Emperor who became wealthy through the salt and gold trade. He is noted for spending so much money on his travels to the Middle East that every town he visited suffered from hyperinflation. Hence, almost all billionaires are CEOs and business owners. They happen to own the most profitable companies in the world. Billionaires come from all walks of life – some have humble origins, some do not – but they all have ownership of capital. Jeff Bezos is the CEO of Amazon, which in turn owns the factories and capital that the employees operate. By owning capital, the entrepreneurs effectively have a “right” to the profit generated after all expenses are paid. First – a brief discussion of growth. A common misconception is that billionaires “steal” the wealth of the public, treating the company like a zero-sum game. This misconception comes from a misunderstanding of the monetary system. Many people believe that one person getting richer means everyone else becomes poorer. Let’s explore an analogy to understand why this is not true. There is a village of 11 fishermen that are able to catch 110 fish per day. Each fisherman brings home 10 fish at the end of the day. One day, one of them invents a better fishing strategy that enables the village to catch 220 fish per day. In return for the invention, he receives 20% of the extra catches on top of his pre-existing share. Thus, he walks home with 32 fish, while the rest walk home with 18.8 fish. Overall, everyone is significantly better off.
Original:
https://sites.lsa.umich.edu/mje/2020/11/17/the-economics-of-billionaires/
Quote
There is no group of people that has a more complicated role in the Economy than billionaires. In theory, billionaires generate a positive economic impact through the creation of jobs and services for the public. Of course, the truth is a lot more complicated.
First – a brief discussion of growth. A common misconception is that billionaires “steal” the wealth of the public, treating the company like a zero-sum game. This misconception comes from a misunderstanding of the monetary system. Many people believe that one person getting richer means everyone else becomes poorer. Let’s explore an analogy to understand why this is not true.
There is a village of 11 fishermen that are able to catch 110 fish per day. Each fisherman brings home 10 fish at the end of the day. One day, one of them invents a better fishing strategy that enables the village to catch 220 fish per day. In return for the invention, he receives 20% of the extra catches on top of his pre-existing share. Thus, he walks home with 32 fish, while the rest walk home with 18.8 fish. Overall, everyone is significantly better off.
First – a brief discussion of growth. A common misconception is that billionaires “steal” the wealth of the public, treating the company like a zero-sum game. This misconception comes from a misunderstanding of the monetary system. Many people believe that one person getting richer means everyone else becomes poorer. Let’s explore an analogy to understand why this is not true.
There is a village of 11 fishermen that are able to catch 110 fish per day. Each fisherman brings home 10 fish at the end of the day. One day, one of them invents a better fishing strategy that enables the village to catch 220 fish per day. In return for the invention, he receives 20% of the extra catches on top of his pre-existing share. Thus, he walks home with 32 fish, while the rest walk home with 18.8 fish. Overall, everyone is significantly better off.
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