Butterfly Economics

A New General Theory of Social and Economic Behavior

Business & Finance, Marketing & Sales, Consumer Behaviour, Economics, Theory of Economics, Nonfiction, Social & Cultural Studies, Social Science, Sociology
Cover of the book Butterfly Economics by Paul Ormerod, Knopf Doubleday Publishing Group
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Author: Paul Ormerod ISBN: 9780307819413
Publisher: Knopf Doubleday Publishing Group Publication: May 23, 2012
Imprint: Pantheon Language: English
Author: Paul Ormerod
ISBN: 9780307819413
Publisher: Knopf Doubleday Publishing Group
Publication: May 23, 2012
Imprint: Pantheon
Language: English

Why did VHS, an inferior video recording technology, succeed in the marketplace, driving the superior Betamax out of business? Why do big-budget, acclaimed movies sometimes flop at the box office, while low-budget, idiosyncratic films become huge hits? The answers to these questions, says Paul Omerod, remind us that economics is a science based on the workings of human society, as unpredictable an entity as there is. "Conventional economics is mistaken," claimes Omerod, "when it views the economy as a machine, whose behavior, no matter how complicated, is ultimately predictable and controllable."

In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Omerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly global marketplace.

View on Amazon View on AbeBooks View on Kobo View on B.Depository View on eBay View on Walmart

Why did VHS, an inferior video recording technology, succeed in the marketplace, driving the superior Betamax out of business? Why do big-budget, acclaimed movies sometimes flop at the box office, while low-budget, idiosyncratic films become huge hits? The answers to these questions, says Paul Omerod, remind us that economics is a science based on the workings of human society, as unpredictable an entity as there is. "Conventional economics is mistaken," claimes Omerod, "when it views the economy as a machine, whose behavior, no matter how complicated, is ultimately predictable and controllable."

In this cogently and elegantly argued analysis of why human beings persist in engaging in behavior that defies time-honored economic theory, Omerod also explains why governments and industries throughout the world must completely reconfigure their traditional methods of economic forecasting if they are to succeed and prosper in an increasingly global marketplace.

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