Price's Law

Post inspired by 12 Rules for Life: An Antidote to Chaos by Jordan B. Peterson.

To those who have everything, more will be given; from those who have nothing, everything will be taken. -Matthew 25:29

You have heard of this Price’s Law before without realizing there was a name to it. Price’s Law states that the top 1% percent do as much/have as much as the bottom 50%. Take wealth for example - the top 1% has as much money as the bottom 50%. “The richest eighty-five people have as much as the bottom three and a half billion” (8). This law is not only related to money though. In many aspects of our lives this law can be applied - in the work place environment we have top performers that do more work than a group of bottom performers; in music, “a small fraction of the music composed by a small fraction of all the classical composers who have ever composed make up almost all the classical music that the world knows and loves” (8). We all know Bach, Beethoven, Mozart, and (maybe you know) Tchaikovsky. Those 4 musician’s music make up most of the classical music performed by orchestras. Not only just their music, but of their pieces, only a fraction of those get performed by orchestras - a fraction within a fraction.

This idea permeates multiple areas of our life - below is a chart from Reddit, a popular online website. It even shows that a small number of users have the most karma (fake internet points) over the vast majority. It makes you wonder - where else is this occurring?

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