What will you learn from this book
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Complex Systems and Failure: Ormerod explores the concept that many systems, whether biological, economic, or social, are inherently complex. Understanding why things fail requires an examination of the complexities and interdependencies within these systems.
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Evolutionary Economics: The book likely draws parallels between economic systems and biological evolution. Ormerod may argue that economic systems evolve, and the principles of evolution can help explain the success and failure of businesses, industries, and economies.
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Market Dynamics: Ormerod may delve into market dynamics and how the competitive environment shapes the success or failure of businesses. He may discuss factors such as competition, innovation, and market fluctuations.
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Adaptability and Survival: The concept of adaptability as a key factor for survival is likely a theme. Businesses and economic systems that can adapt to changing conditions are more likely to succeed in the long run.
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Role of Innovation: Innovation is often a critical factor in long-term success. The book may discuss how companies and industries that fail to innovate are more susceptible to decline and extinction.
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Network Effects: Ormerod may explore the idea of network effects and how the success or failure of one component within a network can impact the entire system. This can be applied to economic networks and industries.
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Government Intervention: The role of government intervention in markets and economies may be discussed. Ormerod may explore how certain types of intervention can either support or hinder economic success.
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Cycles of Success and Failure: Economic systems often go through cycles of boom and bust. The book may examine the patterns of success and failure and the factors that contribute to these cycles.
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Behavioral Economics: Insights from behavioral economics may be integrated into the analysis. Understanding how human behavior influences economic decisions and outcomes could be a key aspect of the book.
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Practical Implications: "Why Most Things Fail" may not only focus on theory but also provide practical implications for businesses, policymakers, and individuals. The goal may be to offer insights that can be applied to improve decision-making and increase the likelihood of success.
| Language | English |
|---|---|
| ISBN-13 | 9780571220137 |
| No of pages | 255 |
| Font Size | Medium |
| Book Publisher | John Wiley & Sons |
| Published Date | 20 Aug 2008 |
About Author
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A fascinating and provocative study of failure within business, economics, and government
Why Most Things Fail argues that failure is the distinguishing feature of corporate life and uses it to link economic models with models of biological evolution. Inspired by advances in evolutionary theory and biology, author Paul Ormerod illuminates the ways in which companies and policy–setting sectors of government behave much like living organisms: unless they evolve, they die. But he also makes clear how desirable social and economic outcomes may be achieved when individuals, companies, and governments adapt in response to the actual behavior and requirements of their customers and constituents. Examining the "Iron Law of Failure" as it applies to business, economics, and government, this intriguing book explores the pervasive nature of failure in the world of human societies and economics.
Paul Ormerod (London, UK), a theoretical economist, has served as the Head of the Economic Assessment Unit at The Economist and the Director of Economics at the Henley Centre for Forecasting in England. He has taught economics at the University of London and the University of Manchester. Ormerod is founder of the consulting firm Volterra and is an alumni of Oxford University and Cambridge University.