Economists continue to debate the extent to which free markets are truly efficient.
It seems to me that two things are certain:
free markets are remarkably efficient at …
1. accumulating wealth, and
2. consolidating power.
Beyond that, it seems to me that free markets are not that efficient at all.
Before you criticize a man, walk a mile in his moccasins.
— Source: my mom, although usually attributed to Native American sources but could be from ancient Rome and may have roots in Christ’s teaching in the Bible.
Even though this quote is an oldie but a goodie, it seemed fitting for my three day run with aphorisms on empathy. Loosely defined, empathy is the capability to share and understand another person’s emotions and feelings.
I believe that empathy is one of the most powerful tools in leadership, business, and life. By putting yourself in “the other person’s shoes” you can have richer interactions and make better decisions on every front. I am much more effective as a leader if I imagine how my style and actions are perceived by those I am endeavoring to lead. The products that I create or the services that I provide are much more valuable if put myself inside the mind of my customers as I create and deliver them.
In the glance of a speechless animal there is a discourse that only the soul of the wise can really understand.
— An Indian Poet
While in graduate school at Purdue many years ago a friend and I made a road trip to the west coast. Along the way we took the opportunity to visit the Grand Canyon with a goal of hiking down to the canyon floor. Although we were experienced hikers, neither of us were in the best of shape, and we were further weakened by the several days we had just spent driving across the country in a Honda Civic. Hiking all the way down to the canyon floor and all the way back up in a single day was strongly discouraged by the park authorities. Since campsites on the canyon floor were reserved far into the future, we were fortunate to snag a reservation for a campsite that was a couple of miles up from the canyon floor on a different trail. Our plan was to hike down one trail all the way to the bottom, take in the grandeur, then hike back up a few miles to camp for the night. The next day we would hike back out and continue our westward journey.
With all the volatility in the stock market lately it is a good time to remind ourselves that “the market” is not the same as “the economy.” The best that I can tell — at least as of the last few years — “the market” has contracted to a relatively small group of:
This tight-knit circle trades amongst itself with very little relevance to what we think of as “the economy.” In contrast to this closed group, the economy is the vast sum of the creation and delivery of the goods and services we want and need.
It seems to me that the Dow Jones Industrial Average and S&P 500 bears little connection to these things these days.
Don’t be afraid. Now is the time to be bold. If you don’t like the economy, let’s go out and make one of our own.
Long term contracts and petty fees are everwhere.
When we moved to Princeton last year we signed up for Poland Springs water delivery. (Poland Springs is owned by that bottled water juggernaut, Nestle Waters.) They offered an inflexible monthly service plan of 4 bottles per month for $32.96, which was the best deal in their array of undesirable options. You can skip a delivery, but not a payment.
When the first bill arrived I was surprised to find a $2.00 fee for an Oil Surcharge. What? This is nothing more than a price hike disguised as a fee, hiding behind rising fuel prices. They are in the delivery business. Fuel charges are integral to their cost of doing business and should therefore be integrated into the price.
My biggest disappointment came when I set out to cancel the service due to a pending move to North Carolina. …
The South is a place. East, west, and north are nothing but directions.
— Letter to the editor, Richmond Times Dispatch, 1995
I am reading the delightful book Confederates in the Attic. The quote above opens the second chapter.
When I lived in Colorado I took every opportunity to explore the magnificent hiking trails and striking mountain vistas offered by the Rocky Mountains. When I lived in Albuquerque I breathed deep to absorb the Native American spirit still alive in The Land of Enchantment. And when I lived in Princeton, NJ, I savored Washington’s Crossing and then immersed myself in the local history surrounding the Revolutionary War.
All power corrupts, but we need the electricity.
— Unknown