Butterfly Economics: A New General Theory of Social and Economic Behavior
by Paul Ormerod
Paperback Hardcover Kindle Edition"Butterfly Economics" proposes a new general theory of social and economic behavior that challenges traditional economic theories. The author, Paul Ormerod, argues that individuals do not always act rationally and that outcomes can be random and unpredictable. He uses the metaphor of a butterfly flapping its wings, which can lead to a series of events that have a significant impact on the outcome of a system. Ormerod describes how these "butterfly effects" can lead to boom and bust cycles in economies and how societies can be characterized by unpredictable and complex behavior. He believes that policymakers need to recognize the limitations of traditional economic models and take a more holistic and evolutionary approach to understanding social and economic phenomena.
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