PowerBlog: Pokémon GO and the Success of Failure

Last week at Acton, I examined the economic (and spiritual) insights of Pokemon GO:

What Nintendo does is a microcosm of what successful markets in general do: They fail all the time. And they are able to fail all the time because they have sufficiently diversified their product offering without overextending themselves. So if one product, despite huge investments of time and money, fails, Nintendo still has two or three other big ideas just waiting to explode. And all they need is for one to catch on to completely make up for the losses inherent to the innovative process.

Read the whole post here.

PowerBlog: Spiritual and Economic Lessons from the N64

Today at Acton, I tease out some economic and — by way of analogy — spiritual lessons from the success of the Japanese company Nintendo, in honor of the Nintendo 64 gaming system’s 20th birthday:

Nintendo is an example of capitalism at its best. And its success (and failures) ought to remind us of what the spiritual life requires of us. Praying a prayer every now and then or reading one’s Bible from time to time may be enough. But a plurality (to the point of redundancy) of spiritual practices makes a person far better prepared for the unpredictable challenges of real life.

By contrast, cronyistic and protectionist measures seek to preserve a company’s or market’s current state, rather than being open to development. It may work for a while, but eventually creative destruction will displace a company or industry ill-equipped to adapt. Similarly, an over-confident spirituality sets one up to fall into unexpected temptation or to be unable to bear unexpected tragedy.

Read the whole post here.