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The Passion Economy: The New Rules for Thriving in the Twenty-First Century
The brilliant creator of NPR's Planet Money podcast and award-winning New Yorker staff writer explains our current laying out its internal logic and revealing the transformative hope it offers for millions of people to thrive as they never have before.
Contrary to what you may have heard, the middle class is not dying and robots are not stealing our jobs. In fact, writes Adam Davidson—one of our leading public voices on economic issues—the twenty-first-century economic paradigm offers new ways of making money, fresh paths toward professional fulfillment, and unprecedented opportunities for curious, ambitious individuals to combine the things they love with their careers.
Drawing on the stories of average people doing exactly this—an accountant overturning his industry, a sweatshop owner's daughter fighting for better working conditions, an Amish craftsman meeting the technological needs of Amish farmers—as well as the latest academic research, Davidson shows us how the twentieth-century economy of scale has given way in this century to an economy of passion. He makes clear, too, that though the adjustment has brought measures of dislocation, confusion, and even panic, these are most often the result of a lack of understanding.
The Passion Economy delineates the ground rules of the new economy, and armed with these, we begin to see how we can succeed in it according to its own terms—intimacy, insight, attention, automation, and, of course, passion. An indispensable road map and a refreshingly optimistic take on our economic future.
Contrary to what you may have heard, the middle class is not dying and robots are not stealing our jobs. In fact, writes Adam Davidson—one of our leading public voices on economic issues—the twenty-first-century economic paradigm offers new ways of making money, fresh paths toward professional fulfillment, and unprecedented opportunities for curious, ambitious individuals to combine the things they love with their careers.
Drawing on the stories of average people doing exactly this—an accountant overturning his industry, a sweatshop owner's daughter fighting for better working conditions, an Amish craftsman meeting the technological needs of Amish farmers—as well as the latest academic research, Davidson shows us how the twentieth-century economy of scale has given way in this century to an economy of passion. He makes clear, too, that though the adjustment has brought measures of dislocation, confusion, and even panic, these are most often the result of a lack of understanding.
The Passion Economy delineates the ground rules of the new economy, and armed with these, we begin to see how we can succeed in it according to its own terms—intimacy, insight, attention, automation, and, of course, passion. An indispensable road map and a refreshingly optimistic take on our economic future.
336 pages, Paperback
Published November 24, 2020
220 people are currently reading
2116 people want to read
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Displaying 1 - 30 of 87 reviews
January 16, 2021
I love the concept of the book and really like the first two chapters a lot. However not that this book is not good, it provides a lot of interesting stories, I just found that it's a bit too lengthy and sometimes it went beyond the concept of the passion economy. Still I would like to encourage everyone who wants to work on things that he/she is passionate about to read this book.
February 29, 2020
I love the podcast Planet Money that Adam Davidson started and so does my wife. I got tickets to hear him speak in Seattle as part of a SAL Speaker series, but missed seeing him because we ended up going out of town that week instead. As part of the event I got a copy of his book The Passion Economy. In the book Adam says that he has coined the phrase The Passion Economy to describe the new phase we have entered into after going through the widget economy. If you want to start a business, due to globalization and multinational conglomerates who can pump out products faster than you can blink, it is nearly impossible as a small to medium size company to compete against them. They can always do it faster and cheaper. So what can you do to compete and grow your business? Find a niche market and learn it better than anyone, solve that market’s problems that the big companies can’t solve, and now you can be on your way to a successful company. This requires you to passionately pursue problem solving for your niche market and to be creative and innovative which can lead to much greater satisfaction in your business and personal life. Adam gives multiple stories from multiple industries where entrepreneurs or business owners got out of the race to the bottom that is the widget economy, and started creating new products to solve problems and became extremely passionate about what they do, and very successful. Adam believes, and I would agree, that this is the new era of business. With new technology there are all kinds of new ways to create and innovate and we need to take our passions into our business, solve hard problems, and start growing.
April 4, 2020
Joe Fox: "And that's why it costs so much?"
George: "No, that's why it's worth so much."
A fascinating discussion of the emerging 21st century economy, distinguished by intimacy at scale rather than production at scale—value vs. volume—that will potentially reshape how you think about business, work, and your goals and purpose within both.
June 23, 2020
Not anything exactly groundbreaking
August 15, 2022
I’ve read many articles and books related to what’s called “The Passion Economy”. I’ve always been interested in this tension between vocation -our true spirit- and our daily job, usually pretty distant from it.
Unfortunately this book uses the term in a vague sense: it tells stories about family businesses and big corporations accompanied by basic suggestions. I skipped through its pages because 90% of its stories didn’t seem interesting to me. Despite that I like a couple of them: how a US company competed with imports when selling a commodity like pencils, how Snickers won its battle against Hershey's becoming an omnipresent cheap substitute (here in Argentina it was sold as a premium product!). There is a longer chapter about Laszlo Bock’s work at Google that it’s probably the best.
You’ll not find useful tips or creator’s entrepreneurial stories. I understood why when I looked at the author’s Linkedin and found out that he has a major in Humanities and Religions and never worked in a corporation or created a company outside the media industry. Maybe the biggest learning presented by the book is -like many Seth Godin’s or similar books- that the best way to succeed is to follow our passion in a strategic way. To know in which area we are good and there is a market of the right size (not too small, not too big). An example of the common sense and basic guidelines provided:
Step one: understanding how your business adds and captures value.
Step two: pick your customer.
Step three: pick your competition.
Step four: focus on all the specific details of how you will capture the value from your customer.
Rules
1) Pursue intimacy at scale.
2) Only create value that can’t be easily copied.
3) The price you charge should match the value you provide.
4) Fewer passionate customers are better than a lot of indifferent ones.
5) Passion is a story.
6) Technology should always support your business, not drive it.
7) Know what business you’re in, and it’s probably not what you think.
8) Never be in the commodity business, even if you sell what other people consider a commodity.
As it usually happens with this type of books, the book format isn’t the ideal for this content. Maybe a podcast (like the ones hosted by the author) in their fugacity and lightness is a better medium.
Favorite quotes
“Salary is a price. If you have a job in a company, you are still charging a price; it’s called your salary. “
“Goldilocks market: big enough to make your business successful but small enough that you can dominate.”
“He had assumed that the manager was the main engine of a team, choosing the path, pushing the team forward, forcing stragglers to get back in line. He eventually understood that a good manager is more like a coach of a track and field team. She doesn't win the medals, doesn’t cross the finish line, doesn’t get all the glory. Rather, the coach needs to understand each team member and her individual motivation, and create the conditions under which each person can do her best.”
“An ice cream sundae is hedonic; achieving a long-held goal of running a marathon is eudaemonic. Humu wants to increase eudaemonic happiness at work.”
Unfortunately this book uses the term in a vague sense: it tells stories about family businesses and big corporations accompanied by basic suggestions. I skipped through its pages because 90% of its stories didn’t seem interesting to me. Despite that I like a couple of them: how a US company competed with imports when selling a commodity like pencils, how Snickers won its battle against Hershey's becoming an omnipresent cheap substitute (here in Argentina it was sold as a premium product!). There is a longer chapter about Laszlo Bock’s work at Google that it’s probably the best.
You’ll not find useful tips or creator’s entrepreneurial stories. I understood why when I looked at the author’s Linkedin and found out that he has a major in Humanities and Religions and never worked in a corporation or created a company outside the media industry. Maybe the biggest learning presented by the book is -like many Seth Godin’s or similar books- that the best way to succeed is to follow our passion in a strategic way. To know in which area we are good and there is a market of the right size (not too small, not too big). An example of the common sense and basic guidelines provided:
Step one: understanding how your business adds and captures value.
Step two: pick your customer.
Step three: pick your competition.
Step four: focus on all the specific details of how you will capture the value from your customer.
Rules
1) Pursue intimacy at scale.
2) Only create value that can’t be easily copied.
3) The price you charge should match the value you provide.
4) Fewer passionate customers are better than a lot of indifferent ones.
5) Passion is a story.
6) Technology should always support your business, not drive it.
7) Know what business you’re in, and it’s probably not what you think.
8) Never be in the commodity business, even if you sell what other people consider a commodity.
As it usually happens with this type of books, the book format isn’t the ideal for this content. Maybe a podcast (like the ones hosted by the author) in their fugacity and lightness is a better medium.
Favorite quotes
“Salary is a price. If you have a job in a company, you are still charging a price; it’s called your salary. “
“Goldilocks market: big enough to make your business successful but small enough that you can dominate.”
“He had assumed that the manager was the main engine of a team, choosing the path, pushing the team forward, forcing stragglers to get back in line. He eventually understood that a good manager is more like a coach of a track and field team. She doesn't win the medals, doesn’t cross the finish line, doesn’t get all the glory. Rather, the coach needs to understand each team member and her individual motivation, and create the conditions under which each person can do her best.”
“An ice cream sundae is hedonic; achieving a long-held goal of running a marathon is eudaemonic. Humu wants to increase eudaemonic happiness at work.”
March 27, 2021
I stumbled upon "The Passion Economy" at my local library and...
IT WAS LIFE CHANGING.
I incorrectly blame massive school debt for preventing me from getting very far with my small business ideas. So instead of pursuing a career working for myself I am stuck giving 60 hours a week to a job that I hate for pay that is too little. I choose to sacrifice time with my family for a false security of a paycheck from my employer. I have tried 3 times now to start a business with varying degrees of success but in the end I shut each one down because my chosen niche seemed too small or because I could not bring my prices low enough to challenge the competition.
I have read most of the big-name business books like "Crushing It" and "The Proximity Principle" but none of them have taught me so many important lessons as this book.
The most important thing I learned is I am a commodity for my current employer. I am easily replaceable by any other slightly educated person who tries hard. I have no difficult-to-learn skills which might give me more power and autonomy at my job. So if I want to be happier at work I need to find an employer who cherishes my unique skillset and allows me to make myself hard to replace. But I didn't read this book because I want to be a better employee, I read it because I want to work for myself and have complete control of my life trajectory.
And this is where the book really shines. If I want to start a small business the business CAN'T COMPETE WITH COMMODITIZED PRODUCTS. Example: I recently bought a bed online that was shipped in a small box to my house for free via USPS mail. Any fool that wanted to make beds to compete with a huge manufacturing plant like this would be better off just burning his money. Small businesses will only succeed if they create a product disimilar enough to have no competition (a bed hand-weaved from recycled kitten fur and filled with organic rose petals?)
In fact, the more niche your product the less likely it is to be commoditized so the very best small business ideas are the ones with a small following. If there is not a large market then there will not be large manufacturers building large factories to make cheap products to devalue the hard work you put into your business.
Thank you so much Adam for this book. I enjoyed every page of it!
IT WAS LIFE CHANGING.
I incorrectly blame massive school debt for preventing me from getting very far with my small business ideas. So instead of pursuing a career working for myself I am stuck giving 60 hours a week to a job that I hate for pay that is too little. I choose to sacrifice time with my family for a false security of a paycheck from my employer. I have tried 3 times now to start a business with varying degrees of success but in the end I shut each one down because my chosen niche seemed too small or because I could not bring my prices low enough to challenge the competition.
I have read most of the big-name business books like "Crushing It" and "The Proximity Principle" but none of them have taught me so many important lessons as this book.
The most important thing I learned is I am a commodity for my current employer. I am easily replaceable by any other slightly educated person who tries hard. I have no difficult-to-learn skills which might give me more power and autonomy at my job. So if I want to be happier at work I need to find an employer who cherishes my unique skillset and allows me to make myself hard to replace. But I didn't read this book because I want to be a better employee, I read it because I want to work for myself and have complete control of my life trajectory.
And this is where the book really shines. If I want to start a small business the business CAN'T COMPETE WITH COMMODITIZED PRODUCTS. Example: I recently bought a bed online that was shipped in a small box to my house for free via USPS mail. Any fool that wanted to make beds to compete with a huge manufacturing plant like this would be better off just burning his money. Small businesses will only succeed if they create a product disimilar enough to have no competition (a bed hand-weaved from recycled kitten fur and filled with organic rose petals?)
In fact, the more niche your product the less likely it is to be commoditized so the very best small business ideas are the ones with a small following. If there is not a large market then there will not be large manufacturers building large factories to make cheap products to devalue the hard work you put into your business.
Thank you so much Adam for this book. I enjoyed every page of it!
June 17, 2021
This is about middle-upper-class Americans who would:
(a) avoid being shunted into a passionless office job
(b) keep the family business alive by going upmarket
(c) specialize a professional services or luxury good business
They "follow their passion", hence the book title. The author says this is the outcome:
"every person in this book finds that their business brings them something far richer and more existentially satisfying than just a paycheck. For some, that means they are more connected to God and their faith; for others, it means they feel a greater sense of psychological and emotional well-being."
The problem here is that it's not passion but cultivating expertise and/or finding a flow state that connects work to a belief system. For most humans, the latter is the only option.
The naive passion premise begets other sloppy takes.
For example, the author blames technology and "trade" for demolishing livable-wage manufacturing jobs. This is of course complete horseshit, unless by "trade" he means, the predatory state-run capitalism of a corrupt oligarchy.
The author also states: "The Internet allows people who want to sell a unique product or service to find customers all over the world."
Which is false and quite naive. The unique services presented in this book, and the products to a lesser extent, are strictly delimited by timezones, culture, and language.
Despite the "USA East Coast privilege" myopia, the book is worth reading for the interesting business case studies. Great research; the best is about industrial brush company, Braun, which went from commodity producer competing with China to specialty maker who cultivates unparalleled expertise.
(a) avoid being shunted into a passionless office job
(b) keep the family business alive by going upmarket
(c) specialize a professional services or luxury good business
They "follow their passion", hence the book title. The author says this is the outcome:
"every person in this book finds that their business brings them something far richer and more existentially satisfying than just a paycheck. For some, that means they are more connected to God and their faith; for others, it means they feel a greater sense of psychological and emotional well-being."
The problem here is that it's not passion but cultivating expertise and/or finding a flow state that connects work to a belief system. For most humans, the latter is the only option.
The naive passion premise begets other sloppy takes.
For example, the author blames technology and "trade" for demolishing livable-wage manufacturing jobs. This is of course complete horseshit, unless by "trade" he means, the predatory state-run capitalism of a corrupt oligarchy.
The author also states: "The Internet allows people who want to sell a unique product or service to find customers all over the world."
Which is false and quite naive. The unique services presented in this book, and the products to a lesser extent, are strictly delimited by timezones, culture, and language.
Despite the "USA East Coast privilege" myopia, the book is worth reading for the interesting business case studies. Great research; the best is about industrial brush company, Braun, which went from commodity producer competing with China to specialty maker who cultivates unparalleled expertise.
February 8, 2020
The Passion Economy : The New Rules for Thriving in the Twenty-First Century (2020) by Adam Davidson looks at various businesses that are meant to show how people have found their 'passion' and created a company. As someone whose passion is riding a bike a bit for exercise and then reading on the couch with some wine and a cat I was pretty interested to see how this could be monitised. Alas, this book didn't deliver.
Adam Davidson is one of the founders of Planet Money, which is a really good podcast and one I've listened to since it started in 2008. It's the reason I read this book. He's also had a great career as a journalist generally. Unfortunately this book isn't up to the high standard of his other work.
Davidson starts the book by positing that the passion economy sits somewhere between the economic ideals of his grandfather, who worked very hard in a solid job all his life and his father who just got by as an actor. It's a nice idea.
The book then travels around the US to various boutique businesses and some American Mittelstand type firms. They are all successful and the idea is that people finding their passion where they can add value is a great thing. Which is great if you can do it. He misses all the firms where someones passion for food has turned into a terrible restaurant, or a passion for life-coaching has turned into a website and a load of debt. This isn't to say that the stories are not interesting, they are good stories about different ways in which businesses have found something they can create value with.
It's just that, well, calling it 'the passion economy' is a bit over egged. No doubt starting a firm and finding a niche is great, and it's a really important part of the economy. It always has been and always will be. But it probably isn't the way most people will make money now or in the future. Instead finding where you can add some value into the economy remains the challenge and it's a challenge that some people will find interesting ways to do and most of us, well, won't.
The Passion Economy isn't a bad book but the thesis is over done and it doesn't quite work.
Adam Davidson is one of the founders of Planet Money, which is a really good podcast and one I've listened to since it started in 2008. It's the reason I read this book. He's also had a great career as a journalist generally. Unfortunately this book isn't up to the high standard of his other work.
Davidson starts the book by positing that the passion economy sits somewhere between the economic ideals of his grandfather, who worked very hard in a solid job all his life and his father who just got by as an actor. It's a nice idea.
The book then travels around the US to various boutique businesses and some American Mittelstand type firms. They are all successful and the idea is that people finding their passion where they can add value is a great thing. Which is great if you can do it. He misses all the firms where someones passion for food has turned into a terrible restaurant, or a passion for life-coaching has turned into a website and a load of debt. This isn't to say that the stories are not interesting, they are good stories about different ways in which businesses have found something they can create value with.
It's just that, well, calling it 'the passion economy' is a bit over egged. No doubt starting a firm and finding a niche is great, and it's a really important part of the economy. It always has been and always will be. But it probably isn't the way most people will make money now or in the future. Instead finding where you can add some value into the economy remains the challenge and it's a challenge that some people will find interesting ways to do and most of us, well, won't.
The Passion Economy isn't a bad book but the thesis is over done and it doesn't quite work.
January 6, 2022
Passion economy starts off a little slowly, narrating the journeys of (mostly unrelated) entrepreneurs who embolden their lives by finding their passion which came across as a bit haphazard to me. In the later chapters, author does a great job in explaining how the world is steadily moving towards a passion economy - our eating habits are tending towards more niche products, capital is more easily accessible to inventors and even widget companies are realising the power of a passionate workforce. The penultimate chapter on how Google and it’s workforce analytics are changing corporate culture was especially motivating for me as a Google engineer.
March 13, 2020
4.5. For someone looking to validate passion as a purpose, this a inspiring read. Clear examples that show it can work... but you still need to know your value. Passion with no direction is a fun but short-lived.
September 4, 2025
this was like picking up a hand full of pebbles and noticing the curves that made each one unique, then letting them sift in between my fingers, forming a whole wherever they fell.
January 28, 2020
An early candidate for one of my favorite books of the year. It's like one long, thoughtful episode of Planet Money, read on audio by the author.
February 4, 2020
Inspiring yet action oriented.
Lots of great stories and practical examples to put his findings into place
Great read!!
Lots of great stories and practical examples to put his findings into place
Great read!!
February 15, 2020
Great way to look at the products and opportunities available in the world today. I must admit I’m off to find an OCHO bar. I would recommend reading this before you start a new job search rather than falling into your next job.
August 16, 2020
Some brilliant ideas and awesome stories - which are marred by the authors tedious story telling - it’s as if the author is a good speaker but one who likes the sound of his own voice and his self important desire for attention means he will tell and tell and in a minuscule paragraph or two at the end of a chapter or section he will tell the big idea because of which he was doing all the storytelling.
I bought it one day after I binge watched many of the authors videos on YouTube ; as well as separate YouTube videos or a lady called Li Jin from venture capital firm Andersen Horowitz talking of passion economy and read each page and each chapter with a lot of intensity.
However inspite of all the stories and all the insights, in the end it came out as a shabbily written book - which if it had been better organised and the author has worked harder on polishing it - it would have been a masterpiece.
However all in all still worth a read due to some of the powerful concepts and ideas it describes - but it will take a lot of your time and energy and maybe leave you with a sense of too much time spent - and so keep that in mind and watch the authors YouTube videos before starting this book or else you might just lose motivation midway due to the bad quality of this authors writing and extremely shabby editing of this otherwise good book.
I bought it one day after I binge watched many of the authors videos on YouTube ; as well as separate YouTube videos or a lady called Li Jin from venture capital firm Andersen Horowitz talking of passion economy and read each page and each chapter with a lot of intensity.
However inspite of all the stories and all the insights, in the end it came out as a shabbily written book - which if it had been better organised and the author has worked harder on polishing it - it would have been a masterpiece.
However all in all still worth a read due to some of the powerful concepts and ideas it describes - but it will take a lot of your time and energy and maybe leave you with a sense of too much time spent - and so keep that in mind and watch the authors YouTube videos before starting this book or else you might just lose motivation midway due to the bad quality of this authors writing and extremely shabby editing of this otherwise good book.
May 9, 2020
We had the honor of interviewing Adam Davidson on this book, at: https://www.thesoulofenterprise.com/t...
Full disclosure: I'm in the book, but wasn't aware I was going to be. Adam tweeted after his appearance on the show: @adamdavidson I think of @ronaldbaker as, perhaps, my most unlikely intellectual influence. I disagree with him on everything politically. But his ideas about business are brilliant and I stole them so shamelessly that I think of them as my own.
The book lays out Adam's Eight Rules for the Passion Economy, which are great. He fills in these rules with rich profiles on many different entrepreneurs who are living their passion. I found the book incredibly inspiring and uplifting. Sure, there are quibbles I have with some of Adam's views, but they do nothing to detract from his views on business, and the importance of entrepreneurs in following their passion and creating our future. An enjoyable read!
Full disclosure: I'm in the book, but wasn't aware I was going to be. Adam tweeted after his appearance on the show: @adamdavidson I think of @ronaldbaker as, perhaps, my most unlikely intellectual influence. I disagree with him on everything politically. But his ideas about business are brilliant and I stole them so shamelessly that I think of them as my own.
The book lays out Adam's Eight Rules for the Passion Economy, which are great. He fills in these rules with rich profiles on many different entrepreneurs who are living their passion. I found the book incredibly inspiring and uplifting. Sure, there are quibbles I have with some of Adam's views, but they do nothing to detract from his views on business, and the importance of entrepreneurs in following their passion and creating our future. An enjoyable read!
September 6, 2020
Many American companies have been survived in competing against fierce competition from China by shifting their business focus to niche segment. That is the biggest learning I took out of this book, aside from many tiny new information that I just discovered, i.e. ‘passion’ word actually comes from latin word that means suffering. It is interesting on how the author provide case studies from many companies to showcase the idea that focusing in niche segment will eliminate tough competition and helps to elevate value. Elevating value will enable companies to charge premium price and keep the business going despite of massive competition. But of course, it requires deep understanding of problem and creative thinking to solve them.
Good book to remind me, that we are all paid by the value that we have (or at least are perceived).
Good book to remind me, that we are all paid by the value that we have (or at least are perceived).
June 27, 2024
I really appreciated the way this book tried to make me understand the frontier in a so-called "passion economy." However, I believe this book needed some more editing and a real ending. There were examples that seemed shoehorned in, and other examples that were so unrelatable to be irrelevant to the average reader (see - Whole Greens exec who was put in his job by buddies from an elite Ivy business school - but is now an entrepreneur! you can too!)
I will be keeping the book as reference but won't read again - I have a very strict star setting, with three stars being "really liked the book" and two stars being "book was fine" and four stars being "will read again." Only an exceptional book would get five stars.
Thanks for reading the review, and thanks for writing the book author!
I will be keeping the book as reference but won't read again - I have a very strict star setting, with three stars being "really liked the book" and two stars being "book was fine" and four stars being "will read again." Only an exceptional book would get five stars.
Thanks for reading the review, and thanks for writing the book author!
February 24, 2020
I think the big part of a book like this is the idea that you can find an environment that allows your happiness and imagination to thrive. I appreciated the perspective of the origins and evolution of the term commodity. I am going to recommend this book to my son, who is a sophomore in HS, as he is starting to obsess about what he wants to do after high school.
February 25, 2020
The Passion Economy... this book won't help you quit your day job, but will certainly inspire you to consider upgrading your hobbies and interests into a better career instead of a side hustle. Descriptive stories of entrepreneurs the author researched and interviewed reveal knowing what you're good at and what consumers want will consistently improve your brand. Supply and demand, essentially.
November 18, 2021
Not `the` kind of passion economy book that I am looking for.
I quickly scanned thought the book. There are a few good spoons of good chicken soups such as Eudaemonic happiness.
The effectiveness of content nudging.
and The dilemma of making employee irreplaceable.
I quickly scanned thought the book. There are a few good spoons of good chicken soups such as Eudaemonic happiness.
The effectiveness of content nudging.
and The dilemma of making employee irreplaceable.
February 6, 2020
The Passion Economy is a clichéd title for a book. However, there is nothing clichéd in its contents. This is a book that points out a shift in thinking with regards to how we work and conduct business in today's technological age. It explains how this shift can benefit anyone trying to make a living.
The Passion Economy documents the successes of multiple entrepreneurs who stopped thinking about their product as a commodity but instead, narrowed their focus and created a service for a few customers instead of the masses.
WHY I LOVE THE BOOK
There are multiple examples of businessmen and women who stopped behaving like a big company and decided to produced an item or create a service that showcases what they are good at. Such stopped creating products for everyone and chose a narrower niche rival firms are unwilling to invest in due to complications and size.
The author tries to convince us that unlike people who set prices in line with their competitors or the prices of raw materials and similar expenditures, we should put our prices at the same levels as the value we are delivering to our customers. He believes though this may cut down the number of customers we serve, it will eventually leave us with those who value our services and are willing to pay for what they are getting.
DISLIKES
The author did not show us examples of those who failed in this path.
WHO IS IT FOR
Anyone over 15-year-old looking to understand what it takes to make a business work or how to stand out as an employee. Anyone stuck in a rut and wanting to know what others did to become an indispensable staff might find this book illuminating.
Many thanks to Knopf for a review copy.
The Passion Economy documents the successes of multiple entrepreneurs who stopped thinking about their product as a commodity but instead, narrowed their focus and created a service for a few customers instead of the masses.
WHY I LOVE THE BOOK
There are multiple examples of businessmen and women who stopped behaving like a big company and decided to produced an item or create a service that showcases what they are good at. Such stopped creating products for everyone and chose a narrower niche rival firms are unwilling to invest in due to complications and size.
The author tries to convince us that unlike people who set prices in line with their competitors or the prices of raw materials and similar expenditures, we should put our prices at the same levels as the value we are delivering to our customers. He believes though this may cut down the number of customers we serve, it will eventually leave us with those who value our services and are willing to pay for what they are getting.
DISLIKES
The author did not show us examples of those who failed in this path.
WHO IS IT FOR
Anyone over 15-year-old looking to understand what it takes to make a business work or how to stand out as an employee. Anyone stuck in a rut and wanting to know what others did to become an indispensable staff might find this book illuminating.
Many thanks to Knopf for a review copy.
March 28, 2021
A Economia da Paixão, de Adam Davidson, jornalista da revista New Yorker e um podcaster badalado. A editora Rocco o lançou em setembro, e é um livro que dá esperança. Porque afirma, com fundamento, que a classe média não está morrendo e que os robôs não vão roubar todos os nossos empregos. E também que a sensação de estar deslocado, a confusão e até o pânico que vêm rolando são, na maioria dos casos, apenas uma falta de entendimento do que vem acontecendo.
Segundo Adam, o paradigma econômico do século 21 é mais difícil de entender porque foge ao binarismo histórico dos séculos anteriores, aquele que obrigava as pessoas a escolherem entre estabilidade e rotina ou paixões e satisfação pessoal. Eram carreiras binárias próprias da economia de escala.
Adam argumenta que estamos vivendo na “economia da paixão” e que ela nos permite combinar o pragmatismo financeiro com a paixão pessoal e alegria. Ele delineia as regras do jogo para quem ter ter sucesso nessa nova economia: intimidade, percepção, atenção, automação e, é claro, paixão.
O livro vem sendo muito elogiado em geral – só comecei, mas já digo que o texto é delicioso. Tem uma crítica que fazem a ele; a de que Adam Davidson não tem rigor de pesquisa acadêmica. É exatamente a crítica que fazem ao Malcolm Gladwell. Dizem os detratores que Gladwell (e Adam, por tabela) tem uma ideia, junta histórias que a comprovem e pronto. É verdade que há histórias para provar qualquer coisa, mas não é verdade que não existe rigor no jornalismo. Sinto muito dizer.
Segundo Adam, o paradigma econômico do século 21 é mais difícil de entender porque foge ao binarismo histórico dos séculos anteriores, aquele que obrigava as pessoas a escolherem entre estabilidade e rotina ou paixões e satisfação pessoal. Eram carreiras binárias próprias da economia de escala.
Adam argumenta que estamos vivendo na “economia da paixão” e que ela nos permite combinar o pragmatismo financeiro com a paixão pessoal e alegria. Ele delineia as regras do jogo para quem ter ter sucesso nessa nova economia: intimidade, percepção, atenção, automação e, é claro, paixão.
O livro vem sendo muito elogiado em geral – só comecei, mas já digo que o texto é delicioso. Tem uma crítica que fazem a ele; a de que Adam Davidson não tem rigor de pesquisa acadêmica. É exatamente a crítica que fazem ao Malcolm Gladwell. Dizem os detratores que Gladwell (e Adam, por tabela) tem uma ideia, junta histórias que a comprovem e pronto. É verdade que há histórias para provar qualquer coisa, mas não é verdade que não existe rigor no jornalismo. Sinto muito dizer.
June 11, 2022
Excellent. Unlike other fact-based books that deal with (or broach upon) economics, it wasn't riddled with a myriad of different points that would be difficult to remember a few weeks after finishing the book. Instead, it outlined a few, strong points in the first chapter, and then spent the rest of the chapters illustrating those points through inspirational stories from real people. Not only did it make the points that much clearer, it was captivating and a joy to get so much insight into the rhyme and reason of truly passionate people. These people were made up of a diverse group of personalities and backgrounds, so at least one of them is going to be someone you can really connect with, and while some stories may be less interesting than others, none of them are boring, and the great ones are enthralling.
My main take aways were:
1. Find out what you love and tie it to the reality of your situation.
2. Don't make generic products, you can't compete on scale. Make something that solves a narrow need bettet than commodities could ever do - global outreach will make it more profitable, it will be more enjoyable, and big corp won't bother competing
3. Price your product based on the value you deliver, not on the costs - if you've done 2. right, people will pay
4. Automation enables your passion. It automates the mundane tasks, creating more space for the fun parts, it allows more efficient production and profitabilty of passionate products.
My main take aways were:
1. Find out what you love and tie it to the reality of your situation.
2. Don't make generic products, you can't compete on scale. Make something that solves a narrow need bettet than commodities could ever do - global outreach will make it more profitable, it will be more enjoyable, and big corp won't bother competing
3. Price your product based on the value you deliver, not on the costs - if you've done 2. right, people will pay
4. Automation enables your passion. It automates the mundane tasks, creating more space for the fun parts, it allows more efficient production and profitabilty of passionate products.
This entire review has been hidden because of spoilers.
July 14, 2020
The most interesting takeaway for me (and the book’s central argument) was that we are no longer operating in the "widget" economy, wherein the largest corporations with the ability to mass-produce commoditized products thrive and individuals have to climb up the corporate ladder to be financially successful. Instead, we are in the "passion" economy, wherein individuals can seriously pursue their unique passions and express their most authentic selves without compromising on their ability to earn a high standard of living. The old-school, boring model of success can -- if you have the courage to -- be done away with so that you can live a more fulfilling life, too.
The book does not have any revolutionary advice, but it convinces us of its central argument through anecdotes of successful new-age American entrepreneurs, who gave up the traditional paths of success and followed their individual passions, however strange those may be.
The book does not have any revolutionary advice, but it convinces us of its central argument through anecdotes of successful new-age American entrepreneurs, who gave up the traditional paths of success and followed their individual passions, however strange those may be.
March 6, 2020
In this fascinating read author Adam Davidson artfully weaves history and biographical sketches and economic ideas into a colorful tapestry that is more storytelling than business manual. Each chapter uncovered the unique background and characteristics of individuals who are thriving in what Davidson dubs the “passion economy.” Story after story reveals how these individuals responded to the globalization and impersonalization of various industries by pursuing niche markets or meaningful ideals or customized expertise.
Clearly an incredible amount of research went into learning about and presenting each individual and their business. I enjoyed the variety of pursuits he covered and frequently found my mind spinning with questions and ideas and projects for exploring more of the possibilities available to us in this passion economy.
Clearly an incredible amount of research went into learning about and presenting each individual and their business. I enjoyed the variety of pursuits he covered and frequently found my mind spinning with questions and ideas and projects for exploring more of the possibilities available to us in this passion economy.
August 17, 2020
This is quite different to what I expected. I’d expected a lot about podcasters, bloggers, '1,000 true fans' etc, but it’s much more valuable than that as it is really about people who pursue their passions in other areas including finding niches in manufacturing, accountancy and more. The beginning is very practical, with some rules you need to follow (or at least be aware of), like 'Fewer Passionate Customers Are Better Than a Lot of Indifferent Ones', (which is admittedly very similar to the 1,000 true fans' idea.)
The book has lots of good case studies, but one small niggle is that this clearly follows survivor bias - there are no interviews with people who tried this and found it didn’t work out for them.
The book has lots of good case studies, but one small niggle is that this clearly follows survivor bias - there are no interviews with people who tried this and found it didn’t work out for them.
February 10, 2021
Focusing on price is a race to the bottom for all but the highest quantity suppliers. The rest of us should focus on low quantity, high margin products. The book then goes on to provide a handful of examples of companies that made the transition from competing with China on price, to finding low volume niche applications. Overall, a quick and worthwhile read discussing how to position your product, even if the product is you. It gave me a lot of things to think about with regards to career growth and how in the modern economy very few people should consider themselves to be commodities that can be swapped out for the same price (salary).
August 5, 2021
The Passion Economy by Adam Davidson was a fun read and I thoroughly enjoyed the stories he shared about various people who have followed their passion and created amazing careers and companies that run contrary to today's widgetized economy. Although the stories are inspiring, I would've liked more clear direction on HOW to follow and effectively monetize one's passion. He shares the "rules of the passion economy" in chapter two and then spends 240 pages telling stories that provide interesting examples. It's basically "here's what to do," "here's what some other people did," but then it never fully fleshes out "here's HOW you can do it too."
September 2, 2021
Adam Davidson's usual gig is hosting NPR's 'Planet Money' program/podcast: taking a break from those duties, Davidson distills his biggest observations about modern macroeconomic theory into succinct chapters and explains them in bite-sized chunks.
Adam's grandfather was a lifelong employee at a ball bearing factory, his father is a lifelong actor; historically, these careers had little in common and lined up against each other in the "hard work versus passion" struggle. In 'The Passion Economy', Davidson shows readers how America's economy is now a healthy blend of those former adversaries and the truly wise will find ways to stitch the new brotherhood into their daily business lives.
Explained with easily-understood theories and supported by real-life examples, each chapter of 'The Passion Economy' helps readers evaluate our preconceived notions of business and challenges us to think and work more ecumenically with hard work and passion in equal measures.
Adam's grandfather was a lifelong employee at a ball bearing factory, his father is a lifelong actor; historically, these careers had little in common and lined up against each other in the "hard work versus passion" struggle. In 'The Passion Economy', Davidson shows readers how America's economy is now a healthy blend of those former adversaries and the truly wise will find ways to stitch the new brotherhood into their daily business lives.
Explained with easily-understood theories and supported by real-life examples, each chapter of 'The Passion Economy' helps readers evaluate our preconceived notions of business and challenges us to think and work more ecumenically with hard work and passion in equal measures.
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