And how can wealth be increased for the benefit of individuals, businesses, and society? In The Origin of Wealth, Eric D. Beinhocker argues that modern science . This year marks the 10th anniversary of Eric Beinhocker’s influential book The Origin of Wealth: The Radical Remaking of Economics and What. In The Origin of Wealth, Eric D. Beinhocker argues that modern science provides a A landmark book that shatters conventional economic theory, The Origin of.
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The Origin of Wealth
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The Radical Remaking of Economics – Evonomics
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Please try again later. Do not buy this book expecting a prescriptive solution to specific business scenarios. This book begins with an absolutely stunning breadth of reference material covering both the highlights of the entire history of economic thought from Adam Smith to today’s SKU enhanced supply chains.
Combine this with the latest theories of power series and fractal mathematics of markets. Throw in a complexity theory from the Sante Fe Institute.
Add a sprinkling of Nicholas Georgescu-Roegen and entropy as value creation A sample – three conditions are required for value creation: All evolutionary wealth is he creation of a “fit order” and the economy is ultimately a genetic replication strategy which can be understood using a pattern of differentiation, selection and amplification. This evolution is based on knowledge creation. The last section of the book explores the impact of this theory of evolutionary wealth in four dimensions: The theory of evolutionary wealth creation has important tests as to whether businesses should be organizaed to both endure using adaptation and the tension required to generate the greatest short term profit.
In finance, the market price for a share has little to do with the funadmental economic value of a business and can be disconnected from the value for lon periods of time. Organizations appear directly effected by their ability to adapt over complex hierarchical structures. The author also includes Francis Fukuyama’s work of trust in organizational growth and complexity.
Overall this is an encouraging and optimistic book. The good news is the growing complexity in the economy means we have the potential for significantly increasing economic wealth.
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This pathbreaking book will open up much discussion and change in understanding the power of evolution as applied to wealth creation. A must read and re-read. A tour de force of complexity economics, which offers a whole new way to think about economics, finance and even politics based on the behaviour of individual agents in an evolutionary world.
If you are not familiar with this material then the mental models you are using are probably partial at best i. Some other viewers on Amazon have criticized the variability of the coverage of the material. Beinhocker does not claim that complexity economics is a complete theory as yet, and I think that explains why he has more material and research to present in some areas than others.
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