Disclaimer: The Eqbal Ahmad Centre for Public Education (EACPE) encourages critical and independent thinking and believes in a free expression of one’s opinion. However, the views expressed in contributed articles are solely those of their respective authors and do not necessarily reflect the position or policy of the EACPE.
Success is on the mind of men on a consistent basis. In fact, the number of books sold on this subject has grown at an annual compounded rate of 11 percent since 2013.
Everyone wants to become successful; no one dreams of being a financial failure in life.
Hence the importance that is attached to this question: ”What is the secret of success?”
Equally, why are some people so oriented towards failure?
The 19th century German scholar researched the causes of the differences of wealth between Protestants and Catholics. Weber discovered with his data-driven research that the former had certain beliefs that affected their economic conditions.
The reality is clear that making decisions upon reason and evidence creates the conditions for economic efficiency and high productivity.
It is difficult to overstate the exceptional value of the research conducted by Weber. His work has changed and challenged the entire academic world-not just in the west.
Rationality, rule of law, planning, punctuality, deferred gratification, and expectations of reward in this life rather than the next.
Long ago, before I even knew the name Max Weber I wondered at the causes of success and failure; this search for answers motivated me to conduct my own research. I studied numerous ultra-rich self-made millionaires from banking and business; I discovered a range of healthy habits for long-term success that defied the mono-causal explanations claimed by experts.
The tool of methodological naturalism, which is the belief that only natural causes must be identified when looking for explanations for phenomena in nature, is a powerful way of uncovering the secrets of success.
Since Weber published his work ‘The Protestant Ethic and the Spirit of Capitalism‘ research conducted by numerous academics have substantiated the same set of causal factors as explaining the vast differences in achievement in economic systems across nations, societies and even individuals.
For example, Thomas J. Stanley, an American academic conducted research on self-made millionaires in the United States. His research demonstrated the validity of Weber’s account that systematization, rational-frugality and hard-work creates lasting financial success.
Think about this: if you apply the principle of spending less than you earn on a long-term basis do you think you shall have more money as time goes by or less?
Obviously, you shall have more money.
This protestant principle of being frugal with financial resources led to Warren Buffett becoming one of the wealthiest self-made billionaires in history.
Max Weber certainly knew the secret of success and it’s time that we learn it too.
As important as this protestant ethic is, in modern times, so many people continue to experience poverty and failure due to applying the principles discovered by Weber. According to U.S. census data and U.S. Bureau of Labor Statistics the average American is about $131,000 in debt. Furthermore, the average American spends $69 a day; has less than $1,000 in savings; exercises less than 17 minutes a day and works less 35 hours a week.
And what are the long-term consequences of these scary statistics?
The consequences include the opioid crisis, mass-unemployment and societal stupidity that makes radicalized politics a threatening reality. There is no escape from the fundamental fact that to become successful the real secrets of success must be followed.
Max Weber certainly knew the secret of success and it’s time that we learn it too. And most importantly apply the protestant work and saving ethic on a regular basis to benefit from the fruits of Weber’s research.
A contributed article by Zalghi Khan
Zalghi, I enjoyed your article.
The cultural context of any economic ecosystem is important when discussing the differences in financial positions between different economic entities.
Economists have posited various causes for the differences in the financial destines of nations. In your analysis, you have focused on a specific theory of economics that seeks to explain these observable differences.
I think you have adopted Weber’s analysis as being all-encompassing of economic differences between societies.
However, I would like you to clarify, if you do not think it is a comprehensive explanation for these divergent financial outcomes.
Maybe write some more articles on these?