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You aren't sure how this is going to go. You feel nervous. Anxiety. You're asking questions (a little frantically) to save your own skin. You're a little (or a lot) scared. You might second guess and want to go back or quit. Butterflies. This is what growth feels like. Stick…
If we have beliefs that are untrue, (and I believe we all do), they can hold us back for a lifetime. It's like having your foot on the brake of your progress. What do you think is true, that if you really looked at it, is not?
Yesterday we talked about two things that must be present to have a dynamic marketplace that puts out great products and services for us; we consumers. In doing so we get to live an ever greater standard of living for less work on our part, as enterprises get better and…
Last week I asked this question and asked for your comments on the subject. Many of you did comment. I said I'd give my thoughts the next day, but I never did! So here goes. The best system for raising people up is one where people are free to pursue…
You aren’t sure how this is going to go. You feel nervous. Anxiety. You’re asking questions (a little frantically) to save your own skin. You’re a little (or a lot) scared. You might second guess and want to go back or quit. Butterflies.
This is what growth feels like. Stick with it. You’ll be proud of yourself soon.
If we have beliefs that are untrue, (and I believe we all do), they can hold us back for a lifetime.
It’s like having your foot on the brake of your progress.
What do you think is true, that if you really looked at it, is not?
1) Admit it quickly.
2) Apologize sincerely.
3) Fix it.
Do all three
And by fix it make it so that it is difficult, if not impossible, to do again.
I am grateful for you too, Larry!
Last week I made a stupid and very insensitive comment about China that I regretted as soon as i posted it. It was unprofessional and lowered the standards of this blog, I am sorry.
Well said. This is very important.
That is how we grow to be better people.
And, don’t hold yourself captive in quilt.
Yesterday we talked about two things that must be present to have a dynamic marketplace that puts out great products and services for us; we consumers. In doing so we get to live an ever greater standard of living for less work on our part, as enterprises get better and better. Those two elements are COMPETITION among providers such as companies and workers, and DISCRETION among consumers.
Let’s clarify.
Competition – Company – “We have to do as well or better than the other company’s at serving people or providing our product, or we’re goners”. Workers – “I have to work hard and educate my self so I can be a person of value to a company who will pay me well for doing so. I must find a company that will recognize the value I bring and where I can be happy working. I am also free to start my own business if I think I can do it better.”
Discretion on the part of the consumer – “Do I need this (product or service)?” “Do I want it?” “Am I willing to pay the price they are asking?” “Do I have a choice?”
Now, let me ask YOU. Is there competition and discretion in these parts of the economy that many of us consider less than optimal in some places?
The Motor Vehicle Department. Is there competition? Discretion?
Public Schools? Is there discretion for all, or only those who can afford it? Is there true competition, or a monopoly?
A provider who’s workers are protected by a union, such a government agency. Remember John? He had to do well or he may get fired. Remember Mary? She could let John go if he misbehaved OR she could pay John more than other workers if he was a star.
Health care. If I have insurance and using health care is “FREE”, do I exercise much discretion? Does the price go up or down depending on how much I use it, or is it the same price so I don’t care?
I don’t want to get everyone excited here. I simply want to make a simple point – Competition and Discretion are vital to getting it right. If we have them, and people pursue their own self-interest knowing they are there, good things will happen. If we have a system that protects providers (company’s, agencies, workers) from competition, they lose their incentive to do well. If we have a system where consumers lose their discretion, such as no-cost, no choice, then they lose their ability to make things better with their choices.
Please comment (intelligently).
Freedom of choice is essential!
If we are not willing to get better then we have not earned the opportunity to receive the reward. Free market reveals & rewards excellence & reveals & subtracts from complacency.
Larry, I love your insight into things and I feel very strongly the same way on so many levels. People think that more and more government is good, but is our government a good fiscal example? Most operate in the red. What about unions aren’t they great for wages and benefits? Yes and being non productive for a higher price? Don’t get me wrong there are good and needed programs that we have access to but the more we can get people to want to do better, to have goals and ambitions, to strive to achieve, the better we as a nation will be. We live in the greatest country in the world with the most opportunity for changing the narrative in one generation or less. WOW! Thanks for all you have done for me and my family and my families family!
Agreed. I think people want the government “cushion” due to fear that a program , like the postal service, will disappear if run improperly. ” What will I do if the ability to mail something just stops some day” they might think.
To me it sounds like an opportunity.
Makes perfect sense. Thanks for breaking down a good thought!
Nicely done. That was well said.
You are right on. This is what our county was founded on. Fair and open Competition is what drives innovation and improvement
As the nature of economics changes, so does the functionality of Adam Smith’s invisible hand. As the cost of living continues to approach zero, supply and demand become less functional. to illustrate my point look at the iPhone. Millions of dollars of functionality for a few hundred dollars. its why the government is getting away with printing money without runaway inflation. it is being offset with the deflative pressures of technological improvements.
Your example of healthcare is interesting. Americans who want to cling to a supply/demand model pay many more times for comparatively substandard healthcare, than other industrialized nations. As time goes on supply and demand will be less forceful. What will? Hard to say. It will be interesting to see.
Thanks for the shout out Larry, It made my day!
Love your line of reasoning! For the reasons you described I believe as many government services as possible should be privatized. People should have a choice as to how they spend their money and who with. So many government agencies are very inefficiently run because they have no incentive to run any better. Thanks again for taking the time to write these thoughtful posts every day!
Last week I asked this question and asked for your comments on the subject. Many of you did comment. I said I’d give my thoughts the next day, but I never did! So here goes.
The best system for raising people up is one where people are free to pursue their own self-interest within a system of laws. Consumers are in charge. That means you. You are in charge of you. You make decisions based on what you think is best for you, both as a consumer, and as a supplier.
So if Mary has a company, and John works his tail off for Mary, should John get paid more than Mary because he works harder than she does, even though she is the owner of the company?
There are three stories at work in this question. Mary’s, John’s and the company’s customers.
Mary is trying to win over and please customers. She knows that if her company serves their interest well, they will come back and refer others. Mary wants to be successful herself, so she knows that to do so, she has to make her customers (successful) happy. Mary hired John to do work that customers value. If John is doing work customers love, Mary will value John and pay him more. If Mary does not pay John fairly, she knows she may lose him to another company because she has COMPETITION. It’s a free market and Mary has to compete for both customers and employees. If she cannot mix labor, materials and outside services together to produce a result customers want at a price they like, then the enterprise will perish. Competition for customers and employees keeps Mary honest.
Now for John’s story. John is a hard worker. He has decided to work for Mary’s company. He may feel if Mary notices his work he will get a raise or promoted – so it is in John’s interest to work hard. John knows if he does not work hard or messes up, that Mary can let him go. The labor market is a COMPETITION. If John doesn’t value his job, he knows that Mary can get someone else. This keeps John honest.
What the job pays is based on whether there are others who can do the job for a given pay. It doesn’t make sense for Mary to pay John far more to do a job that someone else will do for less. Afterall, she has to keep cost down so she can keep prices down. If she doesn’t, then one of her competitors will and she will lose customers. If she loses enough customers, she loses her business. Mary is willing to pay the most money to people who get the most results that her customers are looking for, and for people who can take responsibility and solve problems.
If John feels mistreated by Mary due to low pay, bad working conditions or any reason, he can go find another job. It’s an open market – there is COMPETITION.
Now for the consumer. The Consumer doesn’t care about John or Mary. The consumer only cares about what is in it for them and at what price. If the consumer loves what (the company) John does for them, then they may be willing to pay more, come back, etc.
This is the answer. People pursuing their own self-interest in an open market where there is COMPETITION on the part of company’s and workers and DISCRETION on the part of the consumer.
COMPETITION AND DISCRETION – the magic formula.
This had lead me to tomorrow’s post where I will ask you about dysfunctional parts of the economy and ask what is wrong.
I agree with paragraphs 2,3, and 4.
I disagree with paragraph 1. We the employees should not be worried about pleasing our customers rather bringing in leads converting them to buying your product or service because they can’t live without your product and the value the product or service gives them which in turn builds trust with the company and loyalty to both thus keeping customer satisfied which brings referrals to business and increased revenue and profitability to company and to the number of closing the deals the sales person brought in determines whether or not YOU are a valuable employee that deserves a raise right? Tie salary based on goal results makes employee work harder to make it. Just because we value someone that we will pay them more. I disagree here too we can value people and if they don’t produce the results we are aiming for and fall short of their goal then they don’t get a merit raise just cost of living raise right?
You spoke about what keeps Mary and John honest, but what about the honesty of the customer? The insurance industry sales products that are often abused by customers in the form of litigation, costing the industry billions of dollars per year. How does Mary or John keep themselves honest in the wake of this type of consumer activity?
Atlas shrugged, great principles described in this book!
There is also competition between individual employees that results in increased productivity and customer satisfaction. I always try to reward those who are most efficient, courteous, and work as part of the team. Fulfilling the customers expectations is the key to referrals and repeat business. We don’t try to burn any bridges!
We use a regular daily, weekly, monthly priority management system here at Spectrum — there are daily and weekly themes to meet bigger goals. Last week’s theme was:
“The Clients do not care about OUR problems”, i.e., “the consumer doesn’t care about John or Mary”.
This doesn’t mean we don’t build relationships, it just means the conversation needs to be about the client and the value of the deliverable — which is being paid for at a premium to be seamless.
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