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Should America Be Run by … Trader Joe’s? (Ep. 359) - Freakonomics Freakonomics
"ROBERTO: “I’d like to open a new kind of grocery store. We’re not going to have any branded items. It’s all going to be private label. We’re going to have no television advertising and no social media whatsoever. We’re never going to have anything on sale. We’re not going to accept coupons. We’ll have no loyalty card. We won’t have a circular that appears in the Sunday newspaper. We’ll have no self-checkout. We won’t have wide aisles or big parking lots. Would you invest in my company?”



"So we put on our Freakonomics goggles in an attempt to reverse-engineer the secrets of Trader Joe’s. Which, it turns out, are incredibly Freakonomical: things like choice architecture and decision theory. Things like nudging and an embrace of experimentation. In fact, if Freakonomics were a grocery store, it might be a Trader Joe’s, or at least try to be. It’s like a real-life case study of behavioral economics at work. So, here’s the big question: if Trader Joe’s is really so good, should their philosophy be applied elsewhere? Should Trader Joe’s — I can’t believe I’m going to say this, but … should Trader Joe’s be running America?"
traderjoes  2018  freakanomics  retail  groceries  psychology  choice  paradoxofchoice  decisionmaking  michaelroberto  competition  microsoft  satyanadella  markgardiner  sheenaiyengar  economics  behavior  hiring 
december 2018 by robertogreco

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