Luck: The Brilliant Randomness of Everyday Life.

Nicholas Rescher, a professor of philosophy at the University of Pittsburgh, former editor of American Philosophical Quarterly, and past president of the American Philosophical Association, knows something about philosophy. In this book he applies his knowledge to an analysis of that elusive abstraction we call "luck."

Rescher looks at luck from various perspectives, including the difference between luck, fortune, and fate; how language shapes the way we think about luck; the history behind the concept of luck in the Western tradition; and the impossibility of shaping or directing luck. He offers interesting examples, from antiquity to the present, to illustrate luck's pivotal role in determining history. It was a matter of bad luck for King Philip II of Spain that a storm scattered the invincible Armada in the English Channel. It was a matter of good luck for those who couldn't buy passage aboard the sold-out Titanic.

Rescher contends that luck is a great equalizer. "Exempt from reason, it helps make the playing field of life more level. It creates a situation in which everyone has a chance. Even those who are handsome, rich, naturally well-endowed, and well-equipped with the world's goods may suffer the ravages of hard luck. And the world's victims, handicapped by the lack of life's good things, may have their bleak condition alleviated by spurts of good luck."

For those interested in increasing their luck Rescher advocates principles of proverbial wisdom (common sense) which include:

* To maximize your exposure to good luck, capitalize on opportunities that put you in situations where favorable developments can occur.

* Whenever possible, keep the odds on your side by managing risks in terms of determinable probabilities, thereby reducing the extent to which you rely on luck alone.

* Avoid undue risks and don't take unnecessary chances.

* Plan for contingencies. Insurance, literally (a policy) and figuratively (a contingency plan), provides protection against the inevitable occurrence of unlucky outcomes.

* Extend your knowledge and act on that knowledge instead of simply trusting luck.

After I finished reading this book I went out and bought a lottery ticket. I didn't win. On the other hand, I discovered a new restaurant that had opened next to the lottery vendor. Such is luck.