The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics

The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics

4.1 9
by Eric D. Beinhocker
     
 

What is wealth? How is it created? And how can we create more of it for the benefit of individuals, businesses, and societies? In The Origin of Wealth, Eric Beinhocker provides provocative new answers to these fundamental questions.

Beinhocker surveys the cutting-edge ideas of economists and scientists and brings their work alive for a broad audience. …  See more details below

Overview

What is wealth? How is it created? And how can we create more of it for the benefit of individuals, businesses, and societies? In The Origin of Wealth, Eric Beinhocker provides provocative new answers to these fundamental questions.

Beinhocker surveys the cutting-edge ideas of economists and scientists and brings their work alive for a broad audience. These researchers, he explains, are revolutionizing economics by showing how the economy is an evolutionary system, much like a biological system. It is economic evolution that creates wealth and has taken us from the Stone Age to the $36.5 trillion global economy of today.

By better understanding economic evolution, Beinhocker writes, we can better understand how to create more wealth. The author shows how "complexity economics" is turning conventional wisdom on its head in areas ranging from business strategy and organizational design to investment strategy and public policy. As sweeping in scope as its title, The Origin of Wealth will rewire our thinking about the workings of the global economy and where it is going.

Read More

Editorial Reviews

WIRED magazine
In this ambitious tome, Beinhocker jettisons the math-based canon of economic history and recasts it as a teeming evolutionary stew... Its premise is novel and sweeping.
—(Josh McHugh)
Management Today
Unquestionably the most important business book of the year.
—(John Kay)
Journal of Economic Literature Review
The Origin of Wealth is a frontal attack on neoclassical economic theory.
Martin Wolf
...a brilliant, thought-provoking and wide-ranging book...anybody interested in understanding why we are where we are should read it. For me, it was more than the business book of 2006; it was the book of 2006.
The Financial Times
The Motley Fool
Eric Beinhocker's The Origin of Wealth ties risk management, incentives, and human psychology together with many other criteria, all under one philosophical framework.

Publishers Weekly
Accounting for the creation of wealth has long challenged humanity's best minds. For business readers and academics, Beinhocker is a zealous and able guide to the emerging economic paradigm shift he calls the "Complexity Economics revolution." A fellow of the economic think tank McKinsey Global Institute, he rejects traditional economic theory, based on a physics model of closed systems, in which change is an external disruptive shock. Instead, he outlines an open, adaptive system with interlocking networks that change organically, reflecting the interaction of technological innovation, social development and business practice. Wealth is created to the degree that this interaction decreases entropy in favor of "fit order" that meets human needs, desires and preferences. Beinhocker is sufficiently comfortable with this evolutionary model to advocate a comprehensive redesigning of institutions and society to facilitate it. He argues for corporate policies that favor many small risks over a few big ones and recommends restructuring financial theory to favor growth and endurance rather than short-term gains. Though he asserts that complexity economics can reduce political partisanship and increase social capital, Beinhocker stops short of saying that it cures sexual dysfunction. By the end, the concept emerges as a great idea that the author tries to make a panacea. (June 1) Copyright 2006 Reed Business Information.

Read More

Product Details

ISBN-13:
9781578517770
Publisher:
Harvard Business Review Press
Publication date:
06/01/2006
Edition description:
1ST
Pages:
527
Product dimensions:
6.00(w) x 9.30(h) x 1.90(d)

Customer Reviews

Average Review:

Write a Review

and post it to your social network

     

Most Helpful Customer Reviews

See all customer reviews >