The winner-take-all society: how more and more Americans compete for ever fewer and bigger prizes, encouraging economic waste, income inequality, and an impoverished cultural life

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Free Press, 1995 - Business & Economics - 272 pages
7 Reviews
In this book, two distinguished economists draw attention to an important and disturbing new trend that has dramatically transformed our economy in the last two decades: the spread of "winner-take-all" markets, where more and more people compete for ever fewer and bigger prizes. Such markets, where tiny differences in performance translate into huge differences in reward, have long been the hallmark of the performing arts and professional sports, where increasingly sophisticated recording technologies and the global reach of television have enabled millions to listen to and watch only "star" artists and athletes, leaving nothing for the also-rans. In recent years, however, winner-take-all markets have reached into virtually every part of the nation's economic life, spreading into such businesses as fashion, investment banking, and media; into professions like law and medicine; into higher education; and, increasingly, into management itself. While not for a moment denying that consumers have sometimes benefited - nobody has to listen to a second-rate soprano when virtually everyone can afford recordings of first-rate singers - Frank and Cook argue persuasively that, on balance, the result has been disastrous. They show how winner-take-all markets have dramatically widened the gap between rich and poor by concentrating all rewards among just a small handful of winners, and how they have lured some of our most talented individuals into socially unproductive and sometimes even destructive pursuits. Finally, in their relentless stress on winners - the bestselling novel, the blockbuster film, and so on - winner-take-all markets have diluted our culture in ways that many people find deeplydisturbing.

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Review: The Winner-Take-All Society: Why the Few at the Top Get So Much More Than the Rest of Us

User Review  - Edwin Seno - Goodreads

The authors have given an interesting outlook to winner-take-all markets that I've always thought reflected the intrinsic functioning of the human civilization. I am a firm believer in capitalism and ... Read full review

Review: The Winner-Take-All Society: Why the Few at the Top Get So Much More Than the Rest of Us

User Review  - Mark Oppenlander - Goodreads

I hesitate to call something "important." Like many adjectives in our sensationalized media-circus of a world, I think that the word "important" has been overused. However, I don't think I can get ... Read full review

Contents

How WinnerTakeAll Markets Arise
23
The Growth of WinnerTakeAll Markets
45
Runaway Incomes at the Top
61
Copyright

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About the author (1995)

Robert H. Frank is an economics professor at Cornell's Johnson Graduate School of Management and a regular "Economic View" columnist for the "New York Times," and a Distinguished Senior Fellow at Demos. His books, which have been translated into 22 languages, include "The Winner-Take-All Society" (with Philip Cook), "The Economic Naturalist," "Luxury Fever," "What Price the Moral High Ground?," and "Principles of Economics" (with Ben Bernanke).

Philip J. Cook is the ITT?/ Terry Sanford Professor of Public Policy and professor of economics and sociology at Duke University, where he is also senior associate dean for faculty and research. He is a research associate of the?NBER.

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