A lively presentation that effectively combines ways to improve leadership with business problems and solutions.

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THE 80/20 MANAGER

THE SECRET TO WORKING LESS AND ACHIEVING MORE

Koch (The Star Principle: How It Can Make You Rich, 2010, etc.) discusses how to successfully apply his “80/20 principle” to business management and leadership.

The author believes that “if you divide the world into causes and results,” then relatively few causes bring about most of the results. He names the phenomenon the “80/20 principle,” modeled on a similar concept formulated by Italian economist Vilfredo Pareto more than 100 years ago. Koch applies the rule to current business practices. He does not believe that running businesses using accounting methods alone stands much chance of success, and he insists that one of “the most harmful, ridiculous, idiotic, yet enduring assumptions of the business world is that all sales are good, all revenue is valuable, and all sources of revenue are of roughly equal importance.” At Filofax, a company he rescued, Koch found that just 4 percent of stock-keeping units generated 93 percent of revenue and 20 percent of profits, while one-fifth of the customers accounted for 91 percent of sales. The author distills lessons from this and other cases into a 10-point system designed to help managers recognize where they can obtain the greatest results from the application of the 80/20 principle. These include developing investigative skills, building networks and connectivity, mentoring and using leverage. Koch enriches his arguments with references to his own experiences at the Boston Consulting Group and Bain & Company. The author advocates “time rich” methods (effective use of time), arguing that there is a negative relation between work time and productivity. He takes pains to separate this view from time management and seeks to cultivate the management skill of “calculated inactivity.”

A lively presentation that effectively combines ways to improve leadership with business problems and solutions.

Pub Date: Oct. 1, 2013

ISBN: 978-0-316-24306-3

Page Count: 288

Publisher: Little, Brown

Review Posted Online: Aug. 9, 2013

Kirkus Reviews Issue: Sept. 1, 2013

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Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our...

THINKING, FAST AND SLOW

A psychologist and Nobel Prize winner summarizes and synthesizes the recent decades of research on intuition and systematic thinking.

The author of several scholarly texts, Kahneman (Emeritus Psychology and Public Affairs/Princeton Univ.) now offers general readers not just the findings of psychological research but also a better understanding of how research questions arise and how scholars systematically frame and answer them. He begins with the distinction between System 1 and System 2 mental operations, the former referring to quick, automatic thought, the latter to more effortful, overt thinking. We rely heavily, writes, on System 1, resorting to the higher-energy System 2 only when we need or want to. Kahneman continually refers to System 2 as “lazy”: We don’t want to think rigorously about something. The author then explores the nuances of our two-system minds, showing how they perform in various situations. Psychological experiments have repeatedly revealed that our intuitions are generally wrong, that our assessments are based on biases and that our System 1 hates doubt and despises ambiguity. Kahneman largely avoids jargon; when he does use some (“heuristics,” for example), he argues that such terms really ought to join our everyday vocabulary. He reviews many fundamental concepts in psychology and statistics (regression to the mean, the narrative fallacy, the optimistic bias), showing how they relate to his overall concerns about how we think and why we make the decisions that we do. Some of the later chapters (dealing with risk-taking and statistics and probabilities) are denser than others (some readers may resent such demands on System 2!), but the passages that deal with the economic and political implications of the research are gripping.

Striking research showing the immense complexity of ordinary thought and revealing the identities of the gatekeepers in our minds.

Pub Date: Nov. 1, 2011

ISBN: 978-0-374-27563-1

Page Count: 512

Publisher: Farrar, Straus and Giroux

Review Posted Online: Sept. 4, 2011

Kirkus Reviews Issue: Sept. 15, 2011

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Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to...

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CAPITAL IN THE TWENTY-FIRST CENTURY

A French academic serves up a long, rigorous critique, dense with historical data, of American-style predatory capitalism—and offers remedies that Karl Marx might applaud.

Economist Piketty considers capital, in the monetary sense, from the vantage of what he considers the capital of the world, namely Paris; at times, his discussions of how capital works, and especially public capital, befit Locke-ian France and not Hobbesian America, a source of some controversy in the wide discussion surrounding his book. At heart, though, his argument turns on well-founded economic principles, notably r > g, meaning that the “rate of return on capital significantly exceeds the growth rate of the economy,” in Piketty’s gloss. It logically follows that when such conditions prevail, then wealth will accumulate in a few hands faster than it can be broadly distributed. By the author’s reckoning, the United States is one of the leading nations in the “high inequality” camp, though it was not always so. In the colonial era, Piketty likens the inequality quotient in New England to be about that of Scandinavia today, with few abject poor and few mega-rich. The difference is that the rich now—who are mostly the “supermanagers” of business rather than the “superstars” of sports and entertainment—have surrounded themselves with political shields that keep them safe from the specter of paying more in taxes and adding to the fund of public wealth. The author’s data is unassailable. His policy recommendations are considerably more controversial, including his call for a global tax on wealth. From start to finish, the discussion is written in plainspoken prose that, though punctuated by formulas, also draws on a wide range of cultural references.

Essential reading for citizens of the here and now. Other economists should marvel at how that plain language can be put to work explaining the most complex of ideas, foremost among them the fact that economic inequality is at an all-time high—and is only bound to grow worse.

Pub Date: March 10, 2014

ISBN: 978-0-674-43000-6

Page Count: 640

Publisher: Belknap/Harvard Univ.

Review Posted Online: April 30, 2014

Kirkus Reviews Issue: May 15, 2014

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