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The Power of Nothing to Lose – Ep 92 with William L. Silber
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Following books by Malcolm Gladwell and Dan Ariely, noted economics professor William L. Silber explores the Hail Mary effect, from its origins in sports to its applications to history, nature, politics, and business.
A quarterback like Green Bay’s Aaron Rodgers gambles with a Hail Mary pass at the end of a football game when he has nothing to lose – the risky throw might turn defeat into victory, or end in a meaningless interception. Rodgers may not realize it, but he has much in common with figures such as George Washington, Rosa Parks, Woodrow Wilson, and Adolph Hitler, all of whom changed the modern world with their risk-loving decisions.
In The Power of Nothing to Lose, award-winning economist William Silber explores the phenomenon in politics, war, and business, where situations with a big upside and limited downside trigger gambling behavior like with a Hail Mary. Silber describes in colorful detail how the American Revolution turned on such a gamble. The famous scene of Washington crossing the Delaware on Christmas night to attack the enemy may not look like a Hail Mary, but it was. Washington said days before his risky decision, “If this fails I think the game will be pretty well up.” Rosa Parks remained seated in the White section of an Alabama bus, defying local segregation laws, an act that sparked the modern civil rights movement in America. It was a life-threatening decision for her, but she said, “I was not frightened. I just made up my mind that as long as we accepted that kind of treatment it would continue, so I had nothing to lose.”
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