Eric D. Beinhocker
More books by Eric D. Beinhocker…
“Complexity catastrophes help explain why bureaucracy seems to grow with the tenacity of weeds. Many companies go through bureaucracy-clearing exercises only to find it has sprung back a few years later. No one ever sits down to deliberately design a bureaucratic muddle. Instead, bureaucracy springs up as people just try to optimize their local patch of the network: finance is just trying to ensure that the numbers add up, legal wants to keep us out of jail, and marketing is trying to promote the brand. The problem isn't dumb people or evil intentions. Rather, network growth creates interdependencies, interdependencies create conflicting constraints, and conflicting constraints create slow decision making and, ultimately, bureaucratic gridlock.”
― The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
― The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
“The evolutionary economist Richard Nelson of Columbia University has pointed out that there are in fact two types of technology that play a major role in economic growth. The first is Physical Technology; this is what we are accustomed to thinking of as technology, things such as bronze-making techniques, steam engines, and microchips. Social Technologies, on the other hand, are ways for organizing people to do things.”
― The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
― The Origin of Wealth: Evolution, Complexity, and the Radical Remaking of Economics
“Foster and Kaplan’s somewhat paradoxical finding that as a group, the long-term survivors in the S&P 500 underperformed the average. It is the constant entry of newcomers that keeps the average up.”
― The Origin of Wealth: The Radical Remaking of Economics and What it Means for Business and Society
― The Origin of Wealth: The Radical Remaking of Economics and What it Means for Business and Society
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