Watch the video about “The Economic of Luck” and answer the question.

Robert Frank Study Questions

  • What role does luck play in success?
  • Why do people notice bad luck more than good luck? What is meant by the phrase “hindsight bias”?
  • Why is the Mona Lisa famous?
  • What role did the “bandwagon effect” play in the music ranking experiment?
  • What does Frank mean by “winner take all” society?
  • What is the importance of gratitude?
  • According to Frank, how would raising marginal tax rates on the rich affect their ability to acquire desired goods and services?

What does Frank mean when he compares a “Porsche” society and a “Ferrari” society?