The Growth Mindset and the Abundance Mentality...2020/06/03 · 1 1. The Growth Mindset 2 The Power...

Alex EdmansMercers School Memorial Professor of BusinessGresham College

June 2020

The Growth Mindset and the Abundance Mentality

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1. The Growth Mindset

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The Power of LearningAnders Ericsson and Robert Pool - Peak

n Traditional view: our potential is limited by genetic gifts

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n Traditional view: our potential is limited by genetic giftsn Effort matters, but only to reach our potential (fill the cup)

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n New view: you can change your potential (size of the cup)

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n New view: you can change your potential (size of the cup)n Is perfect pitch a gift?

n More common among those who receive musical training age 3-5n More common among speakers of tonal language, but not if in UK/USn 2014 experiment in Ichionkai Music School taught 24 kids perfect pitch

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n New view: you can change your potential (size of the cup)n Is perfect pitch a gift?

n More common among those who receive musical training age 3-5n More common among speakers of tonal language, but not if in UK/USn 2014 experiment in Ichionkai Music School taught 24 kids perfect pitch

n True for adults alson 1908 Johnny Hayes won Olympic marathon in 2:55:18. Now 2:01:39n 1973 David Spencer memorised 511 digits of pi. Now 67,890 7

The Neuroplasticity of the Brainn Eleanor Maguire et al: rear hippocampus of taxi drivers is very

large

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largen Omitted variables? Not true for bus drivers

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largen Omitted variables? Not true for bus driversn Reverse causality? No difference when started training

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largen Omitted variables? Not true for bus driversn Reverse causality? No difference when started training

n Edward Taub: violinists’, cellists’, and guitarists’ region of brain controlling the left hand is significantly larger than non-musiciansn No difference in region controlling right hand

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The Fixed MindsetCarol Dweck - Mindset

n Abilities are set in stonen No need to try

n If you’re gifted, you’ll succeed without effort. So achievement without effort particularly lauded (9D)

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n If you’re not gifted, there’s no hope

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n If you’re not gifted, there’s no hopen Failure is bad, because suggests you have low ability

n Avoid activities you might fail at

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n Avoid activities you might fail atn Reduce effort so that you can blame failure on low effort, not low ability

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n Avoid activities you might fail atn Reduce effort so that you can blame failure on low effort, not low abilityn Don’t admit weakness by taking remedial courses; hide it

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n Comic books, TV shows, films instil kids with idea of gifted superheroes

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n Comic books, TV shows, films instil kids with idea of gifted superheroesn Reality talent shows suggest that effort without talent is fruitless

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The Growth Mindsetn Abilities can be enhanced through effort

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n New skills can be developedn ”If you convince yourself you can’t do something without any

evidence, that’s crazy. Try and fail after 7 seconds, that’s OK. Next week you do 14 seconds. Then 20”1

1. Jay Copley of Barry’s 20




n Existing skills must be nurtured

1. Jay Copley of Barry’s 21




n Existing skills must be nurturedDevelop the mindset by praising effort, not ability

1. Jay Copley of Barry’s

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Implication 1: Freedom to Daren Failure is part of life

n “Once you know that life is difficult, then life is no longer difficult”1

1. M. Scott Peck – The Road Less Traveled 23



n Encouragement

1. M. Scott Peck – The Road Less Traveled 24



n Encouragementn Ex ante: inevitable when developing a skill, as not geneticn Brazilian Jiu Jitsu: when tired at the end of practice, some chose the

easiest opponents; others chose the hardest and learned most2

1. M. Scott Peck – The Road Less Travele2. Josh Waitzkin – The Art of Learning

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easiest opponents; others chose the hardest and learned most2n Skiing


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easiest opponents; others chose the hardest and learned most2n Skiingn ”It is impossible to live without failing at something, unless you live

cautiously that you might as well not have lived at all – in which case, you fail by default” (JK Rowling)


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Implication 2: The Value of Feedbackn Ex post: learn from failure to inform skill development

n Skiing examplen AI is so powerful because it can fail often and learn what doesn’t work

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n Actively seek feedback, and take all feedback seriously

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n Actively seek feedback, and take all feedback seriouslyn Get in the habit of providing self-feedback

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n Actively seek feedback, and take all feedback seriouslyn Get in the habit of providing self-feedbackn Don’t tell kids (or yourself) that failures / losses don’t matter,

else they won’t work hard to avoid failuren They do matter, but don’t mean that the kid lacks abilityn And they’re an opportunity to learn from mistakes

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Putting It Into Practice

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A Critical Look at the Evidencen Best violinists practiced for 10,000 hours by age 20, 7,400 by

age 18n Nothing special about 10,000 hours or age 20; pianists win

competitions age 30n Ericsson’s study focused only on violinistsn “Best violinists practiced for 10,000 hours” does not mean

“10,000 hours makes you a best violinist”

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“10,000 hours makes you a best violinist”n No cut-off (practice < 10k nor > 10k isn’t futile)

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“10,000 hours makes you a best violinist”n No cut-off (practice < 10k nor > 10k isn’t futile)n What matters isn’t total activity, but deliberate practice

n Separate study on chess: solo practice, not playing games 35

Deliberate Practicen Purposeful

n Clear goals; can assess whether practice session was successful

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n Clear goals; can assess whether practice session was successfuln Challenging, out of comfort zone

n Elite figure skaters devoted more time to difficult jumps and spins they hadn’t mastered

n Violinists reported solo practice to be least enjoyable

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n Clear goals; can assess whether practice session was successfuln Challenging, out of comfort zone

n Elite figure skaters devoted more time to difficult jumps and spins they hadn’t mastered

n Violinists reported solo practice to be least enjoyablen Informed

n Guided by teacher who knows established methodsn Guided by feedback and modification in response to feedback

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The Balancing Actn You can develop new talents … but must devote substantial

time and energy to doing son “You can do everything you want to and be everything you want to be, but not all at

once”1

1. Professor Laurie Hodrick - “Ten Questions”’ interview in Financial Times 39

Implication 3: Encourage the Growth Mindset in Othersn Praise people for their effort, not talent

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Implication 3: Encourage the Growth Mindset in Othersn Praise people for their effort, not talentn Emphasise the ability to grown Education Development Trust provides careers advisory

services to adults, but 30% don’t attend. 3 treatmentsn Information-only messagen Message on attendance planningn Message on self-efficacy. “Hi Sarah, no-one is born with a perfect

career. Time & effort can boost your skills & CV. We’ll help you get started tomorrow at 10:00. Tom (National Careers Service)”

n 24% less likely to miss appointment41

2. The Abundance Mentality

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The Scarcity MentalityStephen R. Covey – 7 Habits

n Resources or happiness are a fixed pien Tall poppy syndromen Crab mentalityn “In this zero-sum universe there is only so much happiness. The idea is

that if we wipe the smile off the faces of people with prosperous businesses and successful careers, that will make the rest of us grin”

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The Scarcity MentalityStephen R. Covey – 7 Habits

n Resources or happiness are a fixed pien Tall poppy syndromen Crab mentalityn “In this zero-sum universe there is only so much happiness. The idea is

that if we wipe the smile off the faces of people with prosperous businesses and successful careers, that will make the rest of us grin”

n Difficult to feel happy for others, even (especially?) friendsn Rationalisation: they’re a benchmark for what’s achievablen But they could be running a different race

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The Abundance MentalityStephen R. Covey – 7 Habits

n Resources or happiness are potentially limitlessn Gels particularly with intrinsic motivation

n Gives freedom to serven “If money doesn’t make you happy then you probably aren’t spending

it right”

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Servicen Good middle-class living vs. true service

n Instrumental vs. intrinsic. See “Purposeful Business: The Evidence and the Implementation” (October 2018)

n How can we serve most effectively with limited time?n Personal mission statement (Lecture 2)n Gifts of unequal value

n Gifts: proactivity, awarenessn Unequal value: principle of multiplication

n Multiplication applies within in organisationn Activate the “silent majority”; create a tipping point

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Service (cont’d)n Starts with the smallest of things

n Why do soldiers train in obstacle courses?n Get in the habit of serving when no-one is lookingn “Few of us can do great things, but all of us can do small things with

great love” (Mother Teresa)

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The Growth Mindset and the Abundance Mentality...2020/06/03 · 1 1. The Growth Mindset 2 The Power...

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