Butterfly Economics
 First edition | |
| Author | Paul Ormerod |
|---|---|
| Language | English |
| Subject | Economics |
| Publisher | Faber and Faber Limited |
Publication date | 1998 |
| Publication place | United Kingdom |
| Pages | 217 |
| ISBN | 0-571-19005-7 |
| OCLC | 40624765 |
| 330.1 Economics | |
Butterfly Economics: A New General Theory of Social and Economic Behavior is a book by Paul Ormerod dealing with economic theory, published in 1998. The author uses a plethora of insect-related metaphors to show that an economy tends to function like a living organism and is thus able to learn and to adapt.[1][2]
The theory presented by the book departs from conventional economic wisdom which understands individuals as isolated decision makers who act based on a rational evaluation of sufficient information about cost and benefits of respective choices. Butterfly economics adds interaction to the equation and argues that individuals interact when pursuing their interests, thereby gaining new information, which in turn influences their decision-making.
References
- ^ Cooper, Richard N. (2000). "Review of Butterfly Economics: A New General Theory of Social and Economic Behavior". Foreign Affairs. 79 (3): 164–165. doi:10.2307/20049754. ISSN 0015-7120. JSTOR 20049754.
- ^ Savchenko, Andrew (2001). "Review of Butterfly Economics: A New General Theory of Social and Economic Behavior". The American Journal of Economics and Sociology. 60 (3): 697–701. ISSN 0002-9246. JSTOR 3487992.