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Eric D. Beinhocker, "The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics"
Posted on 2010-04-13
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More Over 6.4 billion people participate in a $36.5 trillion global economy, designed and overseen by no one. How did this marvel of self-organized complexity evolve? How is wealth created within this system? 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 provides a radical perspective on these age-old questions, with far-reaching implications. According to Beinhocker, wealth creation is the product of a simple but profoundly powerful evolutionary formula: differentiate, select, and amplify. In this view, the economy is a "complex adaptive system" in which physical technologies, social technologies, and business designs continuously interact to create novel products, new ideas, and increasing wealth. Taking readers on an entertaining journey through economic history, from the stone-age to the modern economy, Beinhocker explores how "complexity economics" provides provocative insights on issues ranging from creating adaptive organizations, to the evolutionary workings of stock markets, to new perspectives on government policies. A landmark book that shatters conventional economic theory, The Origin of Wealth will rewire our thinking about how we came to be here—and where we are going. From the Inside Flap What is wealth? How is it created? How can we create more of it for the benefit of individuals, businesses, and society? These are the fundamental questions that Eric Beinhocker asks in this groundbreaking book. According to Beinhocker, the field of economics is in the midst of a revolution that promises to overthrow a century of conventional theory and profoundly change our thinking about economic growth and innovation. In provocative and entertaining fashion, The Origin of Wealth surveys the cutting-edge ideas of leading economists and scientists who are reshaping economics and brings their work alive for a broad audience. Beinhocker argues that the economy is a "complex adaptive system," more akin to the brain, the Internet, or an ecosystem than to the static picture presented by traditional theory. Building on these new ideas, Beinhocker shows how wealth is created through an evolutionary process. Modern science views evolution not just as a biological phenomenon, but as a general-purpose formula for innovation. It is this evolutionary formula, acting on technologies, social institutions, and businesses, that has taken us from the Stone Age to the enormously complex $36.5 trillion global economy of today. If Adam Smith provided the inspiration for economics in the twentieth century, Charles Darwin is providing it in the twenty-first. By understanding the evolutionary origins of wealth, we can also answer the question "How can we create more of it?" Beinhocker describes how new research is turning conventional wisdom on its head in areas ranging from business strategy and the design of organizations to the workings of stock markets and the world of politics and policy. From 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. Contents & 8220;Preface and Acknowledgments Part I: A Paradigm Shift 1 The Question: How Is Wealth Created? The Mysteries of Wealth Humanity's Most Complex Creation 2.5 Million Years of Economic History in Brief A Tale of Two Tribes The Economy Evolves The Creation of Fit Design Complexity Economics The Road Map Ahead 2 Traditional Economics: A World in Equilibrium The Need for a New Approach Defining Traditional Economics Pin Making and the Invisible Hand A Healthy Balance Dreams of a New Science As Predictable as Gravity The Panglossian Economy The Neoclassical Synthesis From Allocation to Growth The Legacy of Traditional Economics 3 A Critique: Chaos and Cuban Cars The Clash of the Titans Unrealistic Assumptions Incredibly Smart People in Unbelievably Simple Worlds Time Waits for No One Making the Interesting Exogenous Keeping a Lid on Things Reality Test The "Law" of Supply and Demand The Law of One Price Equilibrium in a Few Quintillion Years Nonrandom Walks Misused Metaphors Half-Baked Physics Open Sesame The Misclassification of the Economy Beyond Walras's Cathedral Part II: Complexity Economics 4 The Big Picture: Sugar and Spice Welcome to the Sugarscape The Rich Get Richer Birds Do It, Bees Do It... and So Do Agents The Invisible Hand Comes to Sugarscape Equilibrium Lost The Evolution of Hierarchy An Economy in Silico Further Defining Complexity Economics Table 4–1: Five "Big Ideas" That Distinguish Complexity Economics from Traditional Economics 5 Dynamics: The Delights of Disequilibrium Dynamics and Feedback The Science of "Nonpachydermology" The Economy Is Complex but Not Chaotic The Invisible Hand Sometimes Shakes 6 Agents: Mind Games Spock Goes Shopping Cognitive Dissonance You Selfish Pig! To Err Is Human That Does Not Compute Arthur's Bar Problem Inductive Rationality Why Deep Blue Can't Tie Its Shoes The Mind of an Agent Frog Learning Frog Poetry? Stock Bots 7 Networks: Oh What a Tangled Web We Weave How Networks Catch Fire It's a Small World The Value of Random Friends "The Network Is The Computer" Big Is Beautiful: Informational Scale Big Is Bad: Complexity Catastrophes Degrees of Possibility Versus Degrees of Freedom Two Cheers for Hierarchy! Boring Is Better The Edge of Order 8 Emergence: The Puzzle of Patterns Are Business Cycles Like Wiggling Jelly? We're All (New) Keynesians Now "More Is Different" Oscillations: Boom and Bust in Beer World Punctuated Equilibrium: Are There "Keystone" Technologies? Power Laws: Earthquakes and Stock Markets Why Are Stock Markets So Volatile? 9 Evolution: It's a Jungle Out There Design Without a Designer Artificial Life An Algorithm for Innovation The Library of LEGO The Setup for Evolution The Evolutionary Process: Child's Play Replicators Just Want to Replicate Explorations on the Fitness Landscape The Grand Champion Search Algorithm Good Tricks, Forced Moves, and Path Dependence Stripping Evolution Back to Its Basics From Evolutionary Theory to Economic Reality Part III: How Evolution Creates Wealth 10 Design Spaces: From Games to Economies The Prisoner's Dilemma The Tournament of Champions Strategies in Silico A Rain Forest of Bits The King of the Forest Unpredictable but Understandable The Library of Babel The Library of Smith A Model of Economic Evolution 11 Physical Technology: From Stone Tools to Spacecraft The Dawn of Economic Man Physical Technology Space Physical Technology Readers Physical Technology Feeds Its Own Growth Technology Evolution by Deductive-Tinkering Selection on the Physical Technology Landscape Imitation Is the Sincerest Form of Flattery Explaining Technology S-Curves Disruptive Technologies The Scientific Revolution: Reprogramming Evolution 12 Social Technology: From Hunter-Gatherers to Multinationals Let's Get Organized How Social Technologies Evolve Deductive-Tinkering in Social Technology Space Competing to Cooperate Non-Zero Magic Dividing the Spoils Cheaters (Mostly) Never Win and Winners (Mostly) Never Cheat From Family Units to Business Units Peace, Love, and Understanding Building Computers Out of People 13 Economic Evolution: From Big Men to Markets Businesses Do the "Living and Dying" Units of Selection Strategy Glue Differentiation: From Entrepreneurs to Bureaucrats Selection: Big Men Versus Markets How Selection Works in Market Systems Replication: Amplifying Success Economic Evolution in a Nutshell In Praise of Markets—for Different Reasons Meta-lnnovations: Revisiting 1750 14 A New Definition of Wealth: Fit Order Cranks and Half-Baked Speculators A Proposal: Three Conditions for Value Creation Irreversibility: Breaking Eggs to Make an Omelet Decreasing Entropy: Are Pink Cars and Bombs Value Creating? Fitness (Part 1): An Evolutionary View of Preferences Fitness (Part 2): Pushing Our Own Pleasure Buttons The Universal Utility Function Wealth Is "Fit Order" Did We Pass the Test? Part IV: What It Means for Business and Society 15 Strategy: Racing the Red Queen Are You Committed? A $270 Billion Frozen Accident "The Future Ain't What It Used to Be" The Myth of Sustainable Competitive Advantage Strategy Is a Red Queen Race Companies Don't Innovate; Markets Do Strategy as a Portfolio of Experiments Context: Creating Prepared Minds Differentiation: How Bushy Is Your Strategic Tree? Selection Pressure: Setting Aspirations Amplification: Swarming Like Bees An Adaptive Mind-Set 16 Organization: A Society of Minds Social Architecture and Adaptability Organizations Are Complex Adaptive Systems Why Firms Exist Executing and Adapting Individuals: Through Rose-Colored Glasses Individuals: Adaptability and Loss Aversion Individuals: The Price of Experience Individuals: "Rigids" Versus "Flexibles" Structure: How Much Hierarchy? Structure: The Coevolution of Resources and Business Plans Culture: Rules of Behavior Culture: The Ten Commandments Performing norms Cooperating norms Innovating norms Culture: Inherent Tensions Creating an Adaptive Social Architecture A Society of Minds 17 Finance: Ecosystems of Expectations Crashing Nobel Prizes Forgotten Frenchmen and Dusty Libraries Textbook Stock Picking Vegas, Churchill Downs, and Wall Street Cotton Prices, Fat Tails, and Fractals "A Non-Random Walk Down Wall Street" Attack of the Econophysicists Markets as Evolving Ecosystems Price Does Not Equal Value A New Definition of Market Efficiency Implications for Managers The Cost of Capital Do Stock Options Make Sense? What Is the Goal of a Corporation? Endure and Grow 18 Politics and Policy: The End of Left Versus left A Framework Past Its Time Human Nature and Strong Reciprocity Left-Wing Utopias and Free Market Fantasies The Critique of the Left The Critique of the left Government as Fitness Function Shaper "Culture Matters" Social Capital and the "Great Disruption" Inequality, Social Mobility, and the Culture of Poverty Is Inequality Moral? A Lack of Social Mobility The "Culture of Poverty" Rawlsian Logic and Policy Changing Cultures and Creating a "Common Layer" Future Directions Epilogue Notes Bibliography Index About the Author& 8221; Tags: qEconomics, qComplexityEconomics, qBusiness, qFinance, qInvesting, qEvolution No non-free mirrors allowed See Also: Nassim Nicholas Taleb, "The Black Swan: The Impact of the Highly Improbable" Thomas Sowell, "Economic Facts and Fallacies" Arthur B. Laffer, et al., "The End of Prosperity: How Higher Taxes Will Doom the Economy--If We Let It Happen" Alan Beattie, "False Economy: A Surprising Economic History of the World" Robert J. Samuelson, "The Great Inflation and Its Aftermath: The Past and Future of American Affluence" Paul Krugman, "The Return of Depression Economics and the Crisis of 2008 (2nd Edition)" Robert Sobel, "The Pursuit of Wealth: The Incredible Story of Money Thoughout the Ages" Thomas L. Friedman, "The World is Flat 3.0: A Brief History of the Twenty-first Century" Thomas L. Friedman, "Hot, Flat, and Crowded: Why We Need a Green Revolution—and How It Can Renew America" Neil Ferguson, "The Ascent of Money: A Financial History of the World"
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