QUOTES by James Surowiecki
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The history of the Internet is, in part, a series of opportunities missed: the major record labels let Apple take over the digital-music business; Blockbuster refused to buy Netflix for a mere fifty million dollars; Excite turned down the chance to acquire Google for less than a million dollars.
Quote by -James Surowiecki
In the heart of the Great Depression, millions of American workers did something they'd never done before: they joined a union. Emboldened by the passage of the Wagner Act, which made collective bargaining easier, unions organized industries across the country, remaking the economy.
Quote by -James Surowiecki
Patrimonial capitalism's legacy is that many people see reform as a euphemism for corruption and self-dealing.
Quote by -James Surowiecki
The autocracies of the Arab world have been as economically destructive as they've been politically repressive.
Quote by -James Surowiecki
If you work for Google or Apple, stock options give you a chance to share in the increasing value of the company. In the N.F.L., nothing like this happens; the players, though rich, are just working stiffs like the rest of us.
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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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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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The truth is that the United States doesn't need, and shouldn't have, a debt ceiling. Every other democratic country, with the exception of Denmark, does fine without one.
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Solyndra's failure isn't a reason for the government to give up on alternative energy, any more than the failure of Pets.com during the Internet bubble means that venture capital should steer clear of tech projects.
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If private-equity firms are as good at remaking companies as they claim, they don't need tax loopholes to make money.
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Technological innovation has dramatically lowered the cost of computing, making it possible for large numbers of consumers to own powerful new technologies at reasonably low prices.
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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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Being out of a job can erode people's confidence and their sense of possibility; and employers, often unfairly, tend to take long-term unemployment as a signal that something is wrong.
Quote by -James Surowiecki
Being unemployed is even more disastrous for individuals than you'd expect. Aside from the obvious harm - poverty, difficulty paying off debts - it seems to directly affect people's health, particularly that of older workers.
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Until the nineteen-seventies, Western countries paid little attention to corruption overseas, and bribery was seen as an unpleasant but necessary part of doing business there. In some European countries, businesses were even allowed to deduct bribes as an expense.
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Behavioral economists have shown that a sizable percentage of people are willing to pay real money to punish people who are taking from a common pot but not contributing to it. Just to insure that shirkers get what they deserve, we are prepared to make ourselves poorer.
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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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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.
Quote by -James Surowiecki
Unlike most government programs, Social Security and, in part, Medicare are funded by payroll taxes dedicated specifically to them. Some of the tax revenue pays for current benefits; anything that's left over goes into trust funds for the future. The programs were designed this way for political reasons.
Quote by -James Surowiecki
On the simplest level, telecommuting makes it harder for people to have the kinds of informal interactions that are crucial to the way knowledge moves through an organization. The role that hallway chat plays in driving new ideas has become a cliche of business writing, but that doesn't make it less true.
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In a world where companies increasingly know about their business in real time, it makes no sense that public reporting mostly follows the old quarterly schedule. Companies sit on vital information until reporting day, at which point the market goes crazy.
Quote by -James Surowiecki
Defense contractors are able to reap tremendous profits while rarely confronting the risks for which those profits are supposed to be the reward.
Quote by -James Surowiecki
What the investment community does like is short-term measures designed to boost share prices.
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Capitalism, after all, is no fun when real failure becomes a possibility.
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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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The oil market is especially sensitive even to a hint of expansion or contraction in supply.
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Although oil is a commodity, it's still not a commodity like coffee, which, thank God, we will have with us always. At some point the oil will run out.
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Wall Street has come a long way from the insider-dominated world that was blown apart by the Great Depression.
Quote by -James Surowiecki
If someone really wants my company's business, why shouldn't he be able to do everything he can - including paying me off - to get that business? Because bribery encourages people to make decisions based on the wrong criteria, which means in the business world that it distorts the efficient allocation of resources.
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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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Moviegoers love the intricacies of a crime all the more when it's for a good cause.
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In confusing stock options with ownership, corporations confuse trappings with substance.
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Instead of mindlessly tossing billions at or taking billions from the Net as such, investors should be spending their time making sure that it's the future Fords and General Motors of cyberspace that are getting the capital they need.
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You can't fuel real economic growth with indiscriminate credit. You can only fuel it with well-allocated, long-term investment.
Quote by -James Surowiecki
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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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.
Quote by -James Surowiecki
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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If you thought the advent of the Internet, the spread of cheap and efficient information technology, and the growing fragmentation of the consumer market were all going to help smaller companies thrive at the expense of the slow-moving giants of the Fortune 500, apparently you were wrong.
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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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By the time of the '90s boom, CEOs had become superheroes, accorded celebrity treatment and followed with a kind of slavish scrutiny that Alfred P. Sloan could never have imagined.
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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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As technology improves, on-screen avatars look more and more like real people. When they start looking too real, though, we pull away. These almost-humans aren't quite right; they look creepy, like zombies.
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The Xbox 360 is the best game console ever designed. It's fast and powerful - games look as good on the 360 as on high-end PCs that cost six times as much. It's easy to navigate and has lots of useful secondary features - the ability to play digital video, stream MP3s, and so on.
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I started in business journalism from the outside, so when I started writing about markets and business, I was struck by the fact that markets seemed to work well even though people are often irrational, lack good information and are not perfect in the way they think about decisions.
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