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In a seminal 1981 paper, the economist Sherwin Rosen worked out the mathematics behind these “winner-take-all” markets. One of his key insights was t… - Cal Newport
" "In a seminal 1981 paper, the economist Sherwin Rosen worked out the mathematics behind these “winner-take-all” markets. One of his key insights was to explicitly model talent — labeled, innocuously, with the variable q in his formulas — as a factor with “imperfect substitution,” which Rosen explains as follows: “Hearing a succession of mediocre singers does not add up to a single outstanding performance.” In other words, talent is not a commodity you can buy in bulk and combine to reach the needed levels: There’s a premium to being the best. Therefore, if you’re in a marketplace where the consumer has access to all performers, and everyone’s q value is clear, the consumer will choose the very best. Even if the talent advantage of the best is small compared to the next rung down on the skill ladder, the superstars still win the bulk of the market.
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About Cal Newport
Calvin C. Newport (1982-06-23–) is an American writer and computer scientist.
Biography information from Wikiquote
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Calvin Charles Newport
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Shorter versions of this quote
Rosen explains as follows: “Hearing a succession of mediocre singers does not add up to a single outstanding performance.” In other words, talent is not a commodity you can buy in bulk and combine to reach the needed levels: There’s a premium to being the best. Therefore, if you’re in a marketplace where the consumer has access to all performers, and everyone’s q value is clear, the consumer will choose the very best.
Additional quotes by Cal Newport
"First things first: Always go to class! The importance of this rule cannot be overmphasized. It doesn't matter if your class meets at 6:00 A.M., at the top of the steepest hill on campus, on saturday mornings — wake up, get dressed, and go to the lecture on time. As Lydia, a straight-A student from Dartmouth, explains, if you skip class, "it'll take twice as long studying to make up for what you missed." This is why class attendance is so important. Not because learning is power, or it's what your parents would want you do, but because it saves you time. if you attend class regularly, you will significantly cut down on the amount of studying required to score high grades. Don't make this negotiable. Even if you're tired, hung over, or extremely busy, find a way to make it there."
As Harris argues, these companies didn’t invest the massive resources necessary to perfect this auto-tagging feature because it was somehow crucial to their social network’s usefulness. They instead made this investment so they could significantly increase the amount of addictive nuggets of social approval that their apps could deliver to their users.
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People play differently when they’re keeping score,” the 4DX authors explain. They then elaborate that when attempting to drive your team’s engagement toward your organization’s wildly important goal, it’s important that they have a public place to record and track their lead measures. This scoreboard creates a sense of competition that drives them to focus on these measures, even when other demands vie for their attention. It also provides a reinforcing source of motivation. Once the team notices their success with a lead measure, they become invested in perpetuating this performance.
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