Why Most Things Fail: Evolution, Extinction and EconomicsWith 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 inside the book
Results 1-5 of 53
Page v
... Rules 77 6 | A Game of Chess 100 7 The Best - Laid Schemes ... 118 8 Doves and Hawks 140 9 Patterns in the Dark 155 10 The Powers That Be 169 11 | Take Your Pick ? 189 12 | Resolving the Dilemma 202 13 Why Things Fail 211 14 | What Is ...
... Rules 77 6 | A Game of Chess 100 7 The Best - Laid Schemes ... 118 8 Doves and Hawks 140 9 Patterns in the Dark 155 10 The Powers That Be 169 11 | Take Your Pick ? 189 12 | Resolving the Dilemma 202 13 Why Things Fail 211 14 | What Is ...
Page 12
... rule , or small set of rules , which will guarantee business success . But business is far too complicated , far too difficult an activity to distil into a few simple commands , be it the ' set price equal to marginal cost of economic ...
... rule , or small set of rules , which will guarantee business success . But business is far too complicated , far too difficult an activity to distil into a few simple commands , be it the ' set price equal to marginal cost of economic ...
Page 14
... rule . Disappearance or decline was almost three times as likely as growth . Because of my own background , I am often asked by would - be entrepreneurs seeking escape from life within huge corporate structures : ' How do I build a ...
... rule . Disappearance or decline was almost three times as likely as growth . Because of my own background , I am often asked by would - be entrepreneurs seeking escape from life within huge corporate structures : ' How do I build a ...
Page 18
... contains an amazing opening remark . The economic analysis of firms , ' it is declaimed , ' provides a simple decision rule that managers and entrepreneurs will find useful . ' What remarkable insight is WHY MOST THINGS FAIL 18.
... contains an amazing opening remark . The economic analysis of firms , ' it is declaimed , ' provides a simple decision rule that managers and entrepreneurs will find useful . ' What remarkable insight is WHY MOST THINGS FAIL 18.
Page 19
... rule is heavily disguised . ' By this I think the authors mean that you have to spend years acquiring at least first ... rules and prosper . But most of the firms in Tom Peters's In Search of Excellence later failed to maintain their ...
... rule is heavily disguised . ' By this I think the authors mean that you have to spend years acquiring at least first ... rules and prosper . But most of the firms in Tom Peters's In Search of Excellence later failed to maintain their ...
Contents
1 | |
17 | |
Up a Bit Then Down a Bit | 36 |
Making Sense of Segregation | 58 |
Playing by the Rules | 77 |
A Game of Chess | 100 |
The BestLaid Schemes | 118 |
Doves and Hawks | 140 |
The Powers That Be | 169 |
Take Your Pick? | 189 |
Resolving the Dilemma | 202 |
Why Things Fail | 211 |
What Is to Be Done? | 222 |
Suggestions for Further Reading | 241 |
Index | 247 |
Patterns in the Dark | 155 |
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ability able American average behave behaviour biological species bounded rationality cent chapter chess companies competition completely concept connections consumers context countries curve decades decision described dramatic economic theory economists empirical equilibrium evolution evolve example existence external extinction events extinction rate fail failure Figure firms fitness for survival fossil record game theory George Akerlof Gini Gini coefficient happens human impact income increase individual agents industry interactions marginal cost mathematical maximizing million move Nash Nash equilibrium Nobel Nobel Prize nomic observe outcome output particular patterns perfect competition period play players plot population power law Prisoner's Dilemma problem racial random rational reality relationship rules segregation shocks simply single social and economic species becoming extinct Stephen Jay Gould strategy success supply and demand theoretical tion twentieth century uncertainty unemployment whole words