The Origin of Wealth

Mon 27 October 2008

The wonderful book by Eric D. Beinhocker reccounts how classic economic theories were formed and transformed during the past few centuries, and why those theories fail when confronted with economic reality. It then goes on to propose a new view of economics approaching it from the perspective of evolution theory, the laws of thermodynamics (which were unknown at the time classic theories had their origin), and common sense.`

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The result, as the author himself notes, does not answer every question about economics, yet it explains in a thoughtful and enjoyable way how classic theories fail because of their fundamental flaws, why a new approach to economics is needed, and what common sense, research, and reality indicate the new approach should be.

Highly recommended.