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Most Helpful Customer Reviews
3 of 3 people found the following review helpful:
5.0 out of 5 stars
A Profound Treatise of Economic Scripture,
By A Reader (USA) - See all my reviews
This review is from: Origin of Wealth (Hardcover)
Do not buy this book expecting a prescriptive solution to specific business scenarios. This book begins with an absolutely stunning breadth of reference material covering both the highlights of the entire history of economic thought from Adam Smith to today's SKU enhanced supply chains. Combine this with the latest theories of power series and fractal mathematics of markets. Throw in a complexity theory from the Sante Fe Institute. Add a sprinkling of Nicholas Georgescu-Roegen and entropy as value creation ( A sample - three conditions are required for value creation: irrevisibility of a transaction, reduction of local entropy involving the local scope of thetransaction and production of artifacts from the transaction suitable for human purposes) reaching this pinnacle:
All evolutionary wealth is he creation of a "fit order" and the economy is ultimately a genetic replication strategy which can be understood using a pattern of differentiation, selection and amplification. This evolution is based on knowledge creation. The last section of the book explores the impact of this theory of evolutionary wealth in four dimensions: strategy, organizational structure and complexity, finance and finally, political systems and policy. The theory of evolutionary wealth creation has important tests as to whether businesses should be organizaed to both endure (using adaptation) and the tension required to generate the greatest short term profit. In finance, the market price for a share has little to do with the funadmental economic value of a business and can be disconnected from the value for lon periods of time. Organizations appear directly effected by their ability to adapt over complex hierarchical structures. The author also includes Francis Fukuyama's work of trust in organizational growth and complexity. Overall this is an encouraging and optimistic book. The good news is the growing complexity in the economy means we have the potential for significantly increasing economic wealth. This pathbreaking book will open up much discussion and change in understanding the power of evolution as applied to wealth creation.
5.0 out of 5 stars
A new way of thinking,
By Roger Perry (Auckland, New Zealand) - See all my reviews
This review is from: The Origin of Wealth: The Radical Remaking of Economics and What it Means for Bu (Paperback)
A must read and re-read. A tour de force of complexity economics, which offers a whole new way to think about economics, finance and even politics based on the behaviour of individual agents in an evolutionary world. If you are not familiar with this material then the mental models you are using are probably partial at best (i.e. see "Animal Spirits"), and possibly just wrong.
Some other viewers on Amazon have criticized the variability of the coverage of the material. Beinhocker does not claim that complexity economics is a complete theory as yet, and I think that explains why he has more material and research to present in some areas than others.
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