Perverse Incentives

Even if you think Milton Friedman launched ‘the dumbest idea in the world,’ nothing will change without some outside help.

What would you give to have purchased 1,000 shares of Amazon’s stock on Sept. 7, 2001 at $8.51, four days before the terrorist attacks on the United States? The fourth quarter of 2001 earned for Amazon its first “real” profit, after seven years in business, and four years as a publicly traded company — four years and 15 quarters of losses.

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About the Author(s)

David Shaw

David Shaw is the publishing director of Directors & Boards.


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