Butterfly Effect Economics

Author: (English) Paul Ormerod
Publisher:
Publish Date: 2006-09-01
Features: How does the economic world actually work? Is it, as mainstream economists claim, like a lifeless machine that can be understood, controlled, and predicted? Such attempts have already failed. This book argues, contrary to classical views, that the economic world is like a living organism, with extreme uncertainty and unpredictability being its true nature. Drawing on experiments from biology, such as ant foraging behavior, the author vividly illustrates the difference between individual and group behavior, analyzing the complex and elusive essence of social life. From physics, the author introduces the renowned "chaos theory" as an analytical method, helping readers to discern logic and patterns from the seemingly chaotic, disordered, and intricate reality. Through apt metaphors and straightforward reasoning, this book presents the latest breakthroughs in economic research to the general public, offering a fresh, interdisciplinary perspective to understand the diverse economic phenomena—from the most ordinary pop music and popular movies to the rich and varied mysteries of households, businesses, and even business cycles.