The Origin of Wealth

Evolution, Complexity, and the Radical Remaking of Economics

by Eric D. Beinhocker

Harvard Business Review Press, 2006

Copyright 2006 McKinsey & Company Inc.
Summarized by permission of Harvard Business Press
ISBN: 9781578517770
Pages: 527

Category: Economics & Politics
This summary is also available in: German

In this summary you will learn

• What “Traditional Economic Theory” is
• Why it has become unrealistic and inadequate
• Why “Complexity Economics,” which is based on science and the logic of evolution, is a better approach

Why you should read The Origin of Wealth

In this massive, erudite book, Eric D. Beinhocker offers a history of economics, and an informative discussion of the scientific basis and shortcomings of conventional economic wisdom. He is strongest as he explains the steadily diminishing scientific credibility of “Traditional Economics,” and offers “Complexity Economics” as a more useful theory. He says it better accounts for changeable, evolving markets with irrational actors, dynamic networks and mutual influence between micro- and macro levels of economics. If nonexperts find his discussion of evolution, complexity and chaos a bit diffuse, that may be because this conceptual exposition is not intended to be light reading. In fact, Beinhocker’s less scholarly policy recommendations are also less persuasive. getAbstract finds that he does an excellent job of introducing a serious problem with traditional economics.

About the Author

Eric D. Beinhocker is a Senior Adviser to McKinsey & Company. Fortune magazine named him a “Business Leader of the Next Century.” His work on economics appears in many publications.

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