#159: The Self-Fulfilling Prophecy

As 2008 speeds up, it is time to remember the power of a self-fulfilling prophecy.

A self-fulfilling prophecy happens when you hold a false belief concerning a future event which then comes true because you changed your behavior.

Here is one to watch: Some economist are predicting a recession. What should you do? Decide for yourself, unlike in this story from my business school days. There once was a food vendor who worked the sidewalk crowd on Wall Street through many a boom and bust. So successful was he that he put his son through business school. One day his son stopped by to warn him that a recession was coming. The proud father decided to listen to his educated son, and promptly went belly-up within the year.

So, look for the nonsense in prophecies before you change your behavior. Be skeptical, like George Bernard Shaw, who said that if all the economists were laid end to end, they would never reach agreement.



I’m james@nonsenseatwork.com

Copyright: 2007 James Henry McIntosh

James can be heard on Public Radio, 88.9 FM WCVE, Richmond VA.
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