Sublime

It traditionally assumed that firms were independent, and so changes would be independent, and so their sizes and aggregate effects would be distributed normally.

One last thing that is also missing is something that’s to some extent missing in biology, too. But it’s certainly missing in economic thinking, and that is time. I mean, literally, time. That is, that time is speeding up. Time was very different when Mr. Smith wrote his book or when John Keynes wrote his book. Time is completely different now. It’

Power laws rarely emerge in systems completely dominated by a roll of the dice. Physicists have learned that most often they signal a transition from disorder to order. Thus the power laws we spotted on the Web

First, all such systems exhibit a hierarchical organization. In living systems, proteins combine to form organelles, which combine to form cell types, and so on, through organs, organisms, species, and ultimately ecologies. Economies involve individuals, departments, divisions, companies, economic sectors, and so on, until one reaches national, reg

Orange holds that for-profit companies should operate with a shareholder perspective. Management’s primary (some people claim its sole) obligation is to maximize profits for investors. Adam Smith‘s “invisible hand” is often invoked to explain how this benefits all stakeholders in the long run. Green Organizations insist that there should be no such

For any business person, "Me too' won't do" feels right intuitively. Action, creation, risk-these lie at the root of invention. Business value does not start with bloodless analytics. Passion, monomania and domain mastery fuel invention and so are central. The compelling continuing contribution of founders demonstrates this. Planning rare

basics. The economy, whether in Europe or the US, is an enormous collection of arrangements and institutions and technologies and human actions, buying and selling and investing and exploring and strategizing. It’s a huge hive of activity, where the individual behavior of agents—banks, consumers, producers, government departments—leads to aggregate

Most economists now accept the need for more realistic assumptions in economic theory; and methodologies such as network analysis, heterogeneous agent models, evolutionary game theory, and economic lab experiments are becoming standard.