Eric's Reviews > Why Most Things Fail: Evolution, Extinction And Economics

Why Most Things Fail by Paul Ormerod
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Feb 28, 11

Read from February 26 to 27, 2011

Interesting enough read, over my head though.

Walked away with a vague sense of
* need to pay attention to unintended consequences, tendency for policies and plans (eg. to achieve desegregation) to fail
* complex behaviours, unpredictability emerging even in simple systems
* something about general equilibrium theory being wrong
* parallel between biology and economics (?)
* ...particularly striking similarity between distribution of extinction sizes/frequencies in species and firms
* comparison between exogenous and endogenous models accounting for such distributions, how in biological context both seem to work, but latter makes sense for economic
* need to read a bit of Hayek

References to LTCM and power law distributions seem to be echoed in Black Swan.

Writing seems a bit tiresome, repetitive, plodding... yet somehow unclear. I dunno, maybe I was just tired
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