Why the Few at the Top Get So Much More Than the Rest of Us
New from the bestselling author of The Economic Naturalist - now published in the UK for the first time
Why does the top one per cent of the population capture such a disproportionate amount of the wealth? Why do top athletes win dozens of sponsorship deals, yet competitors who finish just moments behind struggle to attract a single deal? Why does one product become a runaway success, while others flounder and fail? The answer is the rise of ‘winner-take-all’ markets, in which small differences in performance lead to huge differences in reward.
More relevant today than ever before, this fascinating book shows how in business, as in sport, thousands are competing for only a handful of top prizes. As Robert Frank and Philip J Cook reveal, this relentless emphasis on coming out on top has shaped our society and how we define success in troubling ways, creating growing income inequality and an enormous misallocation of talent, as more and more gifted people seek the big bucks and limelight of lucrative yet non-essential careers while vital professions scramble to attract staff. But there are measures we can take to create a more equitable and more prosperous future, and The Winner-Take-All Society shows the way.
“One of the ten best business books of the year”
“A major contribution to the debate about the causes and consequences of inequality in America”
The New York Times Book Review
“Should be at the forefront of everyone's attention”
Lester C Thurow, Los Angeles Times
“Frank and Cook break new ground by linking the win-at-all-costs mentality to economic and cultural problems”
“[Frank] makes an excellent populariser, with a lucid writing style and a willingness not to take himself too seriously”
“The ideas put forward here resonate now more than ever. From superstar bankers pocketing outrageous bonuses to the obsession with celebrity, it means a few winners are being excessively rewarded for doing very little.”