7 Questions that Change the Way People Think — Leadership Freak

When making decisions the most important thing is to make them. The principles of decision-making include: Go with your highest point of clarity. (Important decisions are never perfectly clear.) Keep moving forward, especially after making mistakes. Fear creates a disappointing future. 7 questions that change the way people think: #1. Will it cause harm? Reasonable […]

7 Questions that Change the Way People Think — Leadership Freak

Book Summary: “The Origin of Wealth” by Eric D. Beinhocker

“Evolution is an algorithm; it is an all-purpose formula for innovation, a formula that, through its special brand of trial and error, creates new designs and solves difficult problems.”

The Ratchet of Technology, a site by Michael Magoon

Title:The Origin of Wealth, Evolution, Complexity and the Radical Remaking of the Economics
Author: Eric D Beinhocker
Scope: 4.5 stars
Readability: 3.5 stars
My personal rating: 5 stars
See more on my book rating system.

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Topic of Book

The economy is a complex, adaptive system that evolves in ways similar to how biological organism evolve in nature. This means that we have to reconceptualize economics.

Key Take-aways

  • Traditional economics assumes that the economy is a closed-stable system. Because of this assumption, economist cannot answer the most basic question: where did the economy come from?
  • The actual economy is an open, unstable system.
  • Wealth creation is the product of a simple, but profoundly powerful, three-step formula— differentiate, select, and amplify.
  • The three-way coevolution of Technology, Cooperation, and Business Models that accounts for the patterns of change…

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MarketWatch: Here are four reasons the West is headed for a ‘very drastic crisis,’ according to a veteran economist

MarketWatch: Here are four reasons the West is headed for a ‘very drastic crisis,’ according to a veteran economist. https://www.marketwatch.com/story/here-are-four-reasons-the-west-is-headed-for-a-very-drastic-crisis-according-to-a-veteran-economist-11625655832