Why Most Things Fail: Evolution, Extinction and Economics
With the same originality and astuteness that marked his widely praised Butterfly Economics, Paul Ormerod now examines the “Iron Law of Failure” as it applies to business and government–and explains what can be done about it.
“Failure is all around us,” asserts Ormerod. For every General Electric–still going strong after more than one hundred years–there are dozens of businesses like Central Leather, which was one of the world’s largest companies in 1912 but was liquidated in 1952. Ormerod debunks conventional economic theory–that the world economy ticks along in perfect equilibrium according to the best-laid plans of business and government–and delves into the reasons for the failure of brands, entire companies, and public policies. Inspired by recent advances in evolutionary theory and biology, Ormerod illuminates the ways in which companies and policy-setting sectors of government behave much like living organisms: unless they evolve, they die. But he also makes clear how desirable social and economic outcomes may be achieved when individuals, companies and governments adapt in response to the actual behavior and requirements of their customers and constituents.
Why Most Things Fail is a fascinating and provocative study of a truth all too seldom acknowledged.
From the Hardcover edition.
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Review: Why Most Things Fail: Evolution, Extinction and EconomicsUser Review - Francis Fish - Goodreads
I think this is an important book, and I also think its message might be difficult for some people to reconcile their world view with. Ormerod sets his stall out to show that economists have presumed ... Read full review
Review: Why Most Things Fail: Evolution, Extinction and EconomicsUser Review - Tim Hughes - Goodreads
a thoughtful and calm extended essay covering much of the same ground as the black swan with a lot more humility. builds slowly from a standard criticism of mainstream economics into a fascinating ... Read full review
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