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If you’re so smart, why aren’t you rich? Turns out it’s just chance

technologyreview.com

61–70 of 75 posts

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#61
post #35

Earlier quoted context omitted.

This paper does not suggest in any way that effort is not important.

Effort without intelligence is just pointless toil though. Either this paper is saying it’s pure chance, in which case effort isn’t relevant, or some intelligence is required.

Well, considering that with "zero intelligence" you're basically on life support in a coma, I'd say you're not even wrong.

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#62
post #35

Earlier quoted context omitted.

This paper does not suggest in any way that effort is not important.

Effort without intelligence is just pointless toil though. Either this paper is saying it’s pure chance, in which case effort isn’t relevant, or some intelligence is required.

Lot of folks who become rich with average intelligence so it's in no way a barrier.

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#63

The failure rate for smart people who don't try and don't take risks is 100%.

Yeah feels good right, taking risks have costs and only priviledged folks can afford to do this for any strech of time. Also its not a singular risk and done kind of a thing, you have to embody failure for a while and that does not work without someone providing you with food,shelter and clothing the whole time.

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#64
Another article from 2016:

> The study found that grades and achievement-test results were markedly better predictors of adult success than raw IQ scores. That might seem surprising -- after all, don’t they all measure the same thing? Not quite. Grades reflect not just intelligence but also what Heckman calls “non-cognitive skills,” such as perseverance, good study habits and the ability to collaborate -- in other words, conscientiousness. To a lesser extent, the same is true of test scores. Personality counts.

> Heckman, who shared a Nobel Prize in 2000 and is founder of the University of Chicago’s Center for the Economics of Human Development, believes success hinges not just on innate ability but on skills that can be taught. His own research suggests childhood interventions can be helpful, and that conscientiousness is more malleable than IQ. Openness -- a broad trait that includes curiosity -- is also connected to test scores and grades.

> IQ still matters, of course. Someone with an IQ of 70 isn’t going to be able to do things that are easy for a person with an IQ of 190. But Heckman says many people fail to break into the job market because they lack skills that aren’t measured on intelligence tests. […]

* https://www.bloomberg.com/opinion/articles/2016-12-22/if-you...

* https://archive.is/NxsXd

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#65

All of us who haven't achieved fabulous success find this very comforting, of course. But I'm still going to put in effort, because I don't believe in any of this fate crap, etc.

It's not fate, it's simply randomness. You can be brilliant, put in the effort and still fail miserably, but your chances are nonetheless much higher than people who don't put in the effort or are unintelligent.

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#66

Another article from 2016: > The study found that grades and achievement-test results were markedly better predictors of adult success than raw IQ scores. That might seem surprising -- after all, don’t they all measure the same thing? Not quite. Grades reflect not just intelligence but also what Heckman calls “non-cognitive skills,” such as perseverance, good study habits and the ability to collaborate -- in other wo…

Companies make the same mistake, by considering only those IQ and IQ-adjacent skills. They have the advantage of being easy to measure, but they're not all you need to be good at your job.

We techies have a tendency to fall into the epistemological trap of "if you can't measure it it's not real". Which might work if you didn't conflate "hard to measure" with "impossible to measure".

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#69

> The most successful people are not the most talented, just the luckiest, a new computer model of wealth creation confirms This is the least credible genre of "study says" article. You can't make claims about the real world based on some of researcher's guesswork simulation of society.

Wonder what the title would have been if the simulation spit out the opposite result - “Not so lucky after all? Science confirms poverty caused by lack of intelligence, talent.”

The problem with studies like this and why they lack credibility is there probably wouldn’t have been a headline if the model didn’t spit out the result that wealth is created primarily by luck. They either wouldn’t have published the result, or they would have come up with a new model.

Re: If you’re so smart, why aren’t you rich? Turns out it’s just chance

#70
post #65

All of us who haven't achieved fabulous success find this very comforting, of course. But I'm still going to put in effort, because I don't believe in any of this fate crap, etc.

It's not fate, it's simply randomness. You can be brilliant, put in the effort and still fail miserably, but your chances are nonetheless much higher than people who don't put in the effort or are unintelligent.

Counting cards or rolling d20s comes to mind here.

You can roll more, or find ways to add +5 to your favor -- tilt the odds an extra 10% -- but at the end of the day it's random.

So you either find ways to roll the dice more, roll the dice without having to bet anything, or ways to add an extra 5% onto your odds.

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