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Why Leaders Need to Think More Like Professional Gamblers

Leading Blog

We tend to see situations in one of two ways: either events are certain and can, therefore, be managed by planning, investment, and reliable budgets; or they are uncertain, and we cannot manage them. Our instinct for determinism may well have been an evolutionary innovation. Probabilistic risk managers will think about the future of how they work.

What Economists Know That Managers Don’t (and Vice Versa)

Harvard Business Review

Not for the highly-regarded work on competition between small numbers of firms with which his career began more than thirty years ago but for more recent work on how carefully structured regulation can improve performance relative to unbridled market forces. But what many economists generally gloss over is a notion that I will argue is highly complementary to market failures: management failures. Businesses and management experts, in contrast, tend take the opposite position.

What Economists Know That Managers Don’t (and Vice Versa)

Harvard Business Review

Not for the highly-regarded work on competition between small numbers of firms with which his career began more than thirty years ago but for more recent work on how carefully structured regulation can improve performance relative to unbridled market forces. But what many economists generally gloss over is a notion that I will argue is highly complementary to market failures: management failures. Businesses and management experts, in contrast, tend take the opposite position.