Does slow and steady actually win the race?

Almost all of us have spent our childhood listening to Aesop’s teachings -- the most popular one being that of the race between the tortoise and the hare. But when we grew up, did we ever pause to think that the race took place between two unequal participants with different potentials? The answer is most probably a no. We have been taught to be slow and steady like the tortoise, but in the race of life, does slow and steady actually win? Let’s find out: As an economist, I can connect the dots obtained from the aforementioned fable with those obtained from the steady state level (the level of capital stock at which the investment and depreciation rate even each other out) in the Solow Growth Model. In the model, the production function is at the Golden Rule level of capital accumulation or at the steady state when the marginal product of capital is equal to the depreciation rate (given that the population growth rate and technological progress attained through increased labor efficiency are constant). For reference, the depreciation rate is defined as the rate of gradual decrease in the economic value (output) of a worker and at the steady state; the consumption level is thought to be the highest. Coming back to the race, if a person is slow and steady, then it will lead towards progress. Again if the same person is fast and steady, it would lead to an even higher rate of the same. The dilemma then arises in our minds -- which way to go?

We must understand that the race of life is not a competitive race. It’s an individual race where deciding upon the acceleration is an individual choice. So, regardless of competitive progress/advantage, an individual should proceed at his/her own pace

The question can be answered by taking the example of the motion of a car as we have learned in physics. As soon as we press down the clutch, we are faced with two options -- whether to drive steadily or to drive roughly. Let’s say the person chooses to drive steadily. Now, whether he/she will be slow and steady or fast and steady is a completely personal choice. With reference to the earlier consideration, it is a good idea to carefully analyze the pros and cons, opportunity costs, and trade-offs offered by the two choice variables (fast and slow). Amongst everything else, are we losing our directions? Because of the absence of directions, both the choice variables -- fast(x) and slow(y) need to be vector quantities (velocities per se) rather than scalar quantities. In other words, they can be referred as x^{^} and y^{^} respectively. Referring back to the motion example, I would like to propose that the rate of change of the choice variables (viz-x^{^} and y^{^}) will determine the acceleration of the car. Here, the velocity can be changed by changing either the speed or the direction of motion or both of the variables. After all the above considerations, we must understand that the race of life is not a competitive race. It’s an individual race where deciding upon the acceleration is an individual choice. So, regardless of competitive progress/advantage, an individual should proceed at his/her own pace. If success is the finish line to that race, where or what is the highway? The answer is very simple. The highway to the finish line of life’s race is excellence, which can only be achieved by mastering one’s unique specialization of trade or absolute advantage. Again, let’s say that a person reaches the finish line with fast and steady acceleration. But is he/she really being able to discover his/her entitled destination? I believe, even though, the finish line is the same for everyone, the destination is unique for every single individual. An intelligent person would agree with the notion that happiness is the ultimate destination. But where can we find this destination? Actually, it’s up to us to figure that out by solving our own equations. I, at least, think that there are no black and white sources of happiness. All there is in terms of attainment of those sources are only various shades of grey; which could be found within the highway of excellence, conditions applied if and only if we proceed at our own pace but with consistent and due steadiness. Sustaining the trait of steadiness is a must in life’s race; individualistic growth parameters are the determinants of the velocities (fast and slow) with which we should proceed. In conclusion, I guess slow and steady does not win the race of life -- fast and steady does. The fast and steady ones are bound to cross the finish line of success earlier than the slow and steady ones. However, the ones who solve their equations of happiness faster are more likely to reach the desired destination of happiness faster.

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Maisha Mehzabeen works at the Dhaka Tribune and is a graduate in economics.