Derek Price, who was a British physicist, historian of science, and information scientist, discovered something about his peers in academia. He notice

Price’s Law: What It Is And Why You Should Care

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2024-11-25 02:30:03

Derek Price, who was a British physicist, historian of science, and information scientist, discovered something about his peers in academia. He noticed that there were always a handful of people who dominated the publications within a subject.

Price’s law says that 50% of the work is done by the square root of the total number of people who participate in the work.

I learned about Price’s law when I watched a lecture by Dr. Jordan Peterson, psychology professor, and author of 12 Rules For Life. He says:

Only 4 of my co-workers brought in more than half of the total sales. I was 17 years old at the time, and I had no idea why that was. These folks were the superstars on the floor — the untouchables.

Little did I know that this relation holds true for almost everything in business. It’s called Price’s square root law, and it originates from academia.

That means Price’s law is pretty accurate. In my example, that means 5 people (square root of 25) should bring in 50% of the sales. On my floor, 4 people brought in about 50%-60% of the sales.

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