Butterfly Economics by Paul Ormerod
A New General Theory of Social and Economic Behavior

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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.

About Paul Ormerod

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Paul Omerod has been head of the Economic Assessment Unit at The Economist and a visiting professor at the Universities of London and Manchester. He lives in Londom.
Published May 23, 2012 by Pantheon. 240 pages
Genres: Business & Economics, Political & Social Sciences, Humor & Entertainment, Gay & Lesbian. Non-fiction

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Combining sophisticated economic analysis with a gift for lucid explanation, Ormerod deepens and expands upon the points he made in 1994's The Death of Economics. He starts with an elegant critique of

Jul 31 2000 | Read Full Review of Butterfly Economics: A New Ge...

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