Why Most Things Fail: Evolution, Extinction, And Economics

Failure is the most fundamental feature of biological, social and economic systems. Just as species fail--and become extinct--so do companies, brands and public policies. And while failure may be hard to handle, understanding the pervasive nature of failure in the world of human societies and economies is essential for those looking to succeed.

Linking economic models with models of biological evolution, Why Most Things Fail identifies the subtle patterns that comprise the apparent disorder of failure and analyzes why failure arises. Throughout the book, author Paul Ormerod exposes the flaws in some of today's most basic economic assumptions, and examines how professionals in both business and government can help their organizations survive and thrive in a world that has become too complex. Along the way, Ormerod discusses how the Iron Law of Failure applies to business and government, and reveals how you can achieve optimal social and economic outcomes by properly adapting to a world characterized by constant change, evolution and disequilibrium.

Filled with in-depth insight, expert advice and illustrative examples, Why Most Things Fail will show you why failure is so common and what you can do to become one of the few who succeed.

A fascinating and provocative study of failure within business, economics, and government

Why Most Things Fail argues that failure is the distinguishing feature of corporate life and uses it to link economic models with models of biological evolution. Inspired by advances in evolutionary theory and biology, author Paul Ormerod illuminates the ways in which companies and policy-setting sectors of government behave much like living organisms: unless they evolve, they die. But he also makes clear how desirable social and economic outcomes may be achieved when individuals, companies, and governments adapt in response to the actual behavior and requirements of their customers and constituents. Examining the " Iron Law of Failure" as it applies to business, economics, and government, this intriguing book explores the pervasive nature of failure in the world of human societies and economics.

Paul Ormerod (London, UK), a theoretical economist, has served as the Head of the Economic Assessment Unit at The Economist and the Director of Economics at the Henley Centre for Forecasting in England. He has taught economics at the University of London and the University of Manchester. Ormerod is founder of the consulting firm Volterra and is an alumni of Oxford University and Cambridge University.