Butterfly Economics: A New General Theory of Economic and Social Behaviour Paperback – 6 Sep 1999
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"'A fascinating and entertaining introduction to the economics of the 21st century.' New Scientist; 'Ormerod returns repeatedly to the systematic failure of economists' predictions. If you have ever wondered why they get it wrong, time after time, then you should read this book. It explains in clear, non-technical language why the traditional assumptions of economists make most of their theories hopeless.' Alasdair Palmer, Sunday Telegraph; 'An important book which everybody even remotely interested in political economy should read.' Larry Elliott, Guardian; 'As witty and wide-ranging as it is rigorous, Butterfly Economics provides excellent reasons for business and economics to start talking to each other again.' Observer"
About the Author
Paul Ormerod is the author of The Death of Economics, Butterfly Economics and Why Most Things Fail. He studied economics at Cambridge and his career has spanned the academic and practical business worlds, including working at the Economist and as a director of the Henley Centre for Forecasting. He is a Fellow of the British Academy of Social Science and has been awarded a DSchonoris causafor his contribution to economics by the University of Durham.
Top Customer Reviews
This is a book which should be read by anyone who wants to think about how the world ticks and it is written in accessible language with lots of examples.
Its a paradigm shift in the making.
This book will change the way you think. I recommend it as essential reading.
From that he deduces that social beings have 3 modes of behavior.
Repetition, random, imitate.
He models 120 years of world growth history.
Models the stockmarket. No source code for the simulations.
But the stock market is simple enough for you to write from scratch.
"Decisions are taken by individual agents operating under uncertainty, and it is this which is the cause of the permanence of the business cycle."