Summary of Success and Luck by Robert H. Frank

Good Fortune and the Myth of Meritocracy.

Why is it that some people find success and others don’t? For some, they believe success can be solely attributed to a person’s talent and hard work; however, others point out that many people have those same qualities yet never earn much. As it turns out, luck plays a major role in our successes and failures. Author Robert Frank aims to explain the role of luck and why the rich underestimate its importance. In the long run, this lack of acknowledgment hurts everyone. You see, our world is largely dominated by winner-take-all markets, and chance opportunities and initial advantages often lead to much larger ones - creating enormous income differences. We can decrease this inequality driven by sheer luck by adopting simple policies that would free up enough money to help the economy, provide affordable healthcare, fight global warming, and reduce poverty. As you read, you’ll learn how luck plays a major role in our lives, why society encourages us to spend too much money, and how a new tax system can encourage us to save more and spend less.

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