Rationally Speaking #165 - Robert Frank on "Success and Luck"

If someone asks you, "What caused your success (in finance, your career, etc.)?" what probably comes to mind for you is a story about how you worked hard and made smart choices. Which is likely true -- but what you don't see are all the people who also worked hard and made smart choices, but didn't succeed because luck wasn't on their side. In this episode, Julia chats with professor of economics Robert Frank about his latest book, Success and Luck: The Myth of the Modern Meritocracy. They explore questions like: Why do we discount the role of luck in success? Has luck become more important in recent years? And would acknowledging luck's importance sap our motivation to try?