Talents vs Luck

According to a study from Cornell University, the most successful people are not the most talented but just happened to be the the luckiest ones. And that could be true.  If we looked at the academicians who are talented and are credited for most transformative invasions, however, they are all not so rich.

The highlights of the study published in MIT Technology Review, suggests “the distribution of wealth follows a well-known pattern sometimes called an 80:20 rule: 80 percent of the wealth is owned by 20 percent of the people”.

The conventional answer is that we live in a meritocracy in which people are rewarded for their talent, intelligence, effort, and so on. Over time, many people think, this translates into the wealth distribution that we observe, although a healthy dose of luck can play a role.

The same is true of effort, as measured by hours worked. Some people work more hours than average and some work less, but nobody works a billion times more hours than anybody else.

The study tries to answer the fact that why some people do have billions of times more wealth than other people and numerous studies have reportedly shown that the wealthiest people are generally not the most talented people.

According to a new study involving a computer simulation model of human talent and the way people use it to exploit opportunities in life, “the wealthiest individuals are not the most talented (although they must have a certain level of talent). They are the luckiest.

The maximum success never coincides with the maximum talent, and vice-versa. … Our simulation clearly shows that such a factor is just pure luck.

– Alessandro Pluchino at the University of Catania in Italy (Study author)

The results of the study has significant implications for society; What is the most effective strategy for exploiting the role luck plays in success? writes the MIT Review.