Success and Luck: Good Fortune and the Myth of Meritocracy

by Robert H. Frank Narrated by Robert H. Frank

Overview

How important is luck in economic success? No question more reliably divides conservatives from liberals. As conservatives correctly observe, people who amass great fortunes are almost always talented and hardworking. But liberals are also correct to note that countless others have those same qualities yet never earn much. In recent years, social scientists have discovered that chance plays a much larger role in important life outcomes than most people imagine. In Success and Luck, bestselling author and New York Times economics columnist Robert Frank explores the surprising implications of those findings to show why the rich underestimate the importance of luck in success-and why that hurts everyone, even the wealthy.

Frank describes how, in a world increasingly dominated by winner-take-all markets, chance opportunities and trivial initial advantages often translate into much larger ones-and enormous income differences-over time; how false beliefs about luck persist, despite compelling evidence against them; and how myths about personal success and luck shape individual and political choices in harmful ways.

But, Frank argues, we could decrease the inequality driven by sheer luck by adopting simple, unintrusive policies that would free up trillions of dollars each year-more than enough to fix our crumbling infrastructure, expand healthcare coverage, fight global warming, and reduce poverty, all without requiring painful sacrifices from anyone. If this sounds implausible, you'll be surprised to discover that the solution requires only a few, uncontroversial steps.

Compellingly readable, Success and Luck shows how a more accurate understanding of the role of chance in life could lead to better, richer, and fairer economies and societies.

Editorial Reviews

Fortune

"Well reasoned, coherent, and compelling—Frank is one of the great writers of economics."

Enlightened Economist

"The reminder about the important role of luck is welcome."

Choice

"Though hard work, effort, and schooling are important factors, Frank demonstrates convincingly that pure, random luck also matters (a lot). . . . This book is well reasoned, coherent, and compelling—Frank is one of the great writers of economics."

From the Publisher

"One of Bloomberg View’s “Five Books to Change Conservatives’ Minds,” chosen by Cass Sunstein"

One of Choice's Outstanding Academic Titles for 2016

"Honorable Mention for the 2017 PROSE Award in Economics, Association of American Publishers"

Longlisted for the Financial Times and McKinsey Business Book of the Year 2016

Financial Times

"Praise for the previous edition: Frank deftly weaves personal anecdotes. . . With fascinating case studies. . . . Fortune, Frank says, favors the fortunate. And not acknowledging that can have unlucky consequences, for both policymakers and businesses."

Australian Financial Review

"Frank makes his points persuasively."

David Marx Book Reviews

"[An] occasionally humorous, yet most insightful book."

Financial Times

"Praise for the previous edition: Frank deftly weaves personal anecdotes. . . With fascinating case studies. . . . Fortune, Frank says, favors the fortunate. And not acknowledging that can have unlucky consequences, for both policymakers and businesses."

Product Details

BN ID:	2940172320897
Publisher:	Brilliance Audio
Publication date:	04/19/2016
Edition description:	Unabridged

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