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
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Why you should read The Origin of Wealth
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| 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
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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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