James March

Why do we do what we do? Our standard answer is that we do what we do because we expect it to lead to good consequences. [Don] Quixote reminds us that there is another possible answer: We do what we do because it fulfills our identity, our sense of self. Identity-based actions protect us from the discouragement of disappointing feedback. Of course, the cost is … [ Read more ]

James March

The two most important things to know about innovation are: (a) that most new ideas are bad ones, and (b) that separating the rare good ideas from the many bad ones among new ideas is ordinarily impossible. A good deal of effort has been expended in trying to develop some reasonable procedures for the early identification of good ideas. Most such procedures involve applying existing … [ Read more ]