Your story [lotd]

Source: roaddsidepictures

[Leaders] frame their life stories in ways that allow them to see themselves not as passive observers of their lives but rather as individuals who can develop self-awareness from their experiences. Authentic leaders act on that awareness by practicing their values and principles, sometimes at substantial risk to themselves.

-Bill George

What are your personal levers?

Pictures of Stats [Visualization]

"Artist Chris Jordan shows us an arresting view of what Western culture looks like. His supersized images picture some almost unimaginable statistics -- like the astonishing number of paper cups we use every single day."

In one of his pieces, he creates an fantastic image resembling pollution spewing out of a factor. When you get up close and personal, you realize that its actually made of lots of plastic cups. As a matter of fact, it includes 1 million cups, which is the number of plastic cups that are used on airline flights in the United States every six hours.

His work is a pretty cool intersection between art/design and infographics. You can check out his website here and his latest book here.

Diversions [Artful Procrastination]

Finals are next week, along with a series of papers and the >play conference. It through it all, I still seem to find some time to browse the Internets.

The Cat Piano from PRA on Vimeo.

I see MC curves [economics]

Dan Brown's latest book, "The Lost Symbol" sold an unprecedented 2 million copies in 2 weeks. Tim Hartford writes that part of the boost was driven (at least in the UK) by an unprecedented price war.

The Bookseller, an industry magazine, Waterstone’s offered a mere 50 per cent discount – £9.49 instead of £18.99. Tesco asked £7 and Asda £5. Asda’s book buyer celebrated “fantastic” sales, despite the fact that the store is thought to be losing £4 a copy. The old joke is made real: losing money on every sale, but making it up on volume.  The Book Depository, an online retailer, grabbed headlines with a price of £4.99 – whereupon Amazon quickly cut prices to match. These prices have prompted many people in the industry to feats of rhetorical self-flagellation. Industry insiders complained to The Bookseller about “ridiculously aggressive discounting” and asked “how can the book trade take itself seriously?”

Tim then proceeds to outline the economic thinking behind perfect competition and price wars:

Every retailer has to charge a mark-up to cover overheads, and faces a tension between the immediate pressures of competition and the need to stay in business. Every item sold, even at the tiniest mark-up, is better than no sale at all. Yet if the mark-ups are too thin, bankruptcy will not be far away.

In other words, perfect competition will drive down the price down to almost the marginal cost of the item.

It's always nice when you see theory in practice.