The hazards of a world where mediocrity rules

If you’d like to understand the psychology behind the Hanjin bankruptcy, here’s a great primer from the wonderfully entertaining British economist Tim Harford, whose book, The Undercover Economist, ought to be on the school syllabus. Basically, he claims, Hanjin’s executive management were masters of kakanomics – the economics of rottenness – where “people not only supply shoddy work and expect shoddy work in return, they actually prefer to receive shoddy work”.