Why Most Things Fail : Evolution, Extinction and Economics

by Ormerod, Paul

• ISBN13: 9780470089194
• ISBN10: 0470089199
• Format: Paperback
• Copyright: 2007-02-26
• Publisher: Wiley
• More Book Details
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Summary

Failure is the most fundamental feature of biological, social and economic systems. Just as species fail-and become extinct-so do companies, brands and public policies. And while failure may be hard to handle, understanding the pervasive nature of failure in the world of human societies and economies is essential for those looking to succeed. Linking economic models with models of biological evolution, Why Most Things Fail identifies the subtle patterns that comprise the apparent disorder of failure and analyzes why failure arises. Throughout the book, author Paul Ormerod exposes the flaws in some of today's most basic economic assumptions, and examines how professionals in both business and government can help their organizations survive and thrive in a world that has become too complex. Along the way, Ormerod discusses how the Iron Law of Failure applies to business and government, and reveals how you can achieve optimal social and economic outcomes by properly adapting to a world characterized by constant change, evolution and disequilibrium. Filled with in-depth insight, expert advice and illustrative examples, Why Most Things Fail will show you why failure is so common and what you can do to become one of the few who succeed.

Author Biography

Paul Ormerod, a theoretical economist and successful businessman, has served as the head of the Economic Assessment Unit at The Economist and the director of economics at the Henley Centre for Forecasting in England. He has taught economics at the University of London and the University of Manchester. Ormerod is founder of the consulting firm Volterra and is an alumnus of Oxford University and Cambridge University.

Table of Contents

Preface to the Paperback Edition

Preface to the First Edition

Introduction

The Edwardian Explosion

A Formula for Failure

Up a Bit, Then Down a Bit

Making Sense of Segregation

Playing by the Rules

A Game of Chess

"The Best-Laid Schemes . . . ."

Doves and Hawks

Patterns in the Dark

The Powers that Be

Take Your Pick?

Resolving the Dilemma

Why Things Fail

What Is to Be Done?

Suggestions for Further Reading

Index

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