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To answer the question posed in the title (and yes, I read the fluffy article) - luck decides who gets rich.
Even if that's true, it still implies that everyone else mostly aren't idiots, because otherwise it wouldn't take luck to get rich, all it would take is outsmarting all these idiots everywhere.
To answer the question posed in the title (and yes, I read the fluffy article) - luck decides who gets rich.
A good parallel to this is the music industry, actually: yes, there is a significant amount of luck in “making it.” But you cannot deny that talent is one of the strongest predictors: at the very least, talent is the bar to entry.
Earlier quoted context omitted.
Even if that's true, it still implies that everyone else mostly aren't idiots, because otherwise it wouldn't take luck to get rich, all it would take is outsmarting all these idiots everywhere.
The point is you cannot outsmart lucky idiots.
While I agree with the article, it is important to distinguish the macro from the micro point of view. From the micro point of view, a talented individual has a greater a priori probability to reach a high level of success than a moderately gifted one. On the other hand, from the macro point of view of the entire society, the probability to find moderately gifted individuals at the top levels of success is greater th…
To answer the question posed in the title (and yes, I read the fluffy article) - luck decides who gets rich.
Luck favours the prepared.
Edit: I don't know who downvoted me, but this is the definition of luck according to Google: "success or failure apparently brought by chance rather than through one's own actions"
Whenever you see someone who you believe to be an idiot succeeding, it usually means they're really good at the game and you don't even understand what the game is .
Whenever you see someone who you believe to be an idiot succeeding, it usually means they're really good at the game and you don't even understand what the game is .
Or their family donated enough money to an Ivy to have a building named after them.
I like to give Trump as an example: everyone loves to blast him for being an idiot. Is he a good president? No. Is he good at the game, but most people totally miss what his game is? I claim, yes. It's unfortunate that he managed to play the US election system for his own purposes, but that doesn't mean he's just incompetent at everything. E.g. he's a rather good populist - that may not be a quality you like, but at that particular game he's not at all bad.
Whenever you see someone who you believe to be an idiot succeeding, it usually means they're really good at the game and you don't even understand what the game is .
Whenever you see someone who you believe to be an idiot succeeding, it usually means they're really good at the game and you don't even understand what the game is .