The Simple Economic Theory That Explains Whether You’ll Have a Great Career
<p>In the <a href="https://www.scotthyoung.com/blog/2023/09/10/warren-buffett-lunch/" rel="noopener ugc nofollow" target="_blank">last</a> post, I explained why focusing on irrelevant details obscures the true driver of professional success: career capital.</p>
<p>But the connection between career capital and a great career isn’t always obvious. Why does the owner of a car dealership tend to make more than a nurse or a teacher? Why would most people struggle to make a living as an artist, but the <a href="https://en.wikipedia.org/wiki/Damien_Hirst" rel="noopener ugc nofollow" target="_blank">guy who put a taxidermied shark in a tank</a> is worth nearly half a billion dollars?</p>
<p>The basic answer of whether you’ll have a great career can be understood in terms of the simple economic concept of supply and demand.</p>
<h1>Supply-and-Demand Thinking Applied to Your Working Life</h1>
<p>Let’s start with demand.</p>
<p>Economists draw a downward-sloping curve to represent how much of something people want for a given price. The vertical axis is how much something costs, and the horizontal axis is how many people are willing to pay for the thing at each price. All else being equal, fewer people are willing (or able) to pay for something when the price is higher.</p>
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