Being Rich Doesn't Mean You're More Hardworking: Economist Says Markets Amplify Luck

Why do hardworking people with similar talents and training often earn such dramatically different incomes? And why, too, have these earnings gaps grown so much larger in recent decades? Almost no other questions have proved more enduringly fascinating to economists. The traditional approach to these questions views labor markets as perfectly competitive meritocracies in which people are paid in accordance with the value of what they produce. In this view, earnings differences result largely from individual differences...
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