The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of EconomicsOver 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 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. |
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Contents
ONE The Question | 3 |
Two Traditional Economics | 21 |
THREE A Critique | 45 |
Complexity Economics | 77 |
FIVE Dynamics | 99 |
SIX Agents | 115 |
SEVEN Networks | 141 |
NINE Evolution | 187 |
THIRTEEN Economic Evolution | 279 |
FOURTEEN A New Definition of Wealth | 299 |
What It Means for Business and Society | 321 |
SIXTEEN Organization | 349 |
SEVENTEEN Finance | 381 |
EIGHTEEN Politics and Policy | 415 |
Notes | 455 |
491 | |
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agents algorithm assumptions behavior biological Business Plans Cambridge capital chapter competitive complex adaptive system Complexity Economics cooperation create culture cycle decisions design space developed discussed dynamic economists energy entropy environment Epstein and Axtell equilibrium evolutionary system evolved example experiments Farmer feedback finance fitness function fitness landscape genes growth hierarchy human ideas imagine individual innovation interactions investment investors Kauffman LEGO Likewise look management team mathematical mental models molecules networks nomic nonlinear norms organizational organizations pattern percent perfect rationality Physical Technology play population predictions Press Prisoner's Dilemma problem punctuated equilibrium replication researchers role rules Santa Fe Institute schema scientists selection Social Technologies society strategy structure Stuart Kauffman sugar Sugarscape theory things tion trading Traditional Economics units of selection University Walras wealth Yanomamö York