Bionomics: Economy As Ecosystem

Rating:
Summary: An excellent book.
Review: An excellent book on economics that should be of interest to all supporters of the free market, especially to Austrian-school economists and supporters of a Hayekian view of spontaneous order.

I agree with the reader from Northern Virginia who points out that Darwinism is not as well established as Rothschild thinks; the reviewer in question is probably thinking of e.g. Michael Behe's excellent _Darwin's Black Box_, which see.

But that doesn't detract much from the ideas in _Bionomics_ -- in fact the theory of natural selection was itself originally an importation of economic ideas into biology. (And those ideas do have application there, even if they don't explain _everything_. An economic account doesn't explain _all_ of human society, either -- just some features of how it works.)

So think of this book as completing the circle: economics is at last reclaiming its own ideas from biology. Rothschild is right that his analogies with evolution aren't exact. But his book is actually a _better_ application of the ideas in question than is the theory of natural selection.

It makes good sense that the coordinated activities of _purposeful_ beings should result in overall patterns that look purposeful themselves -- much _better_ sense than that purposeful behavior _itself_ should ultimately result from fundamentally nonteleological activities.

Rating:
Summary: The New Economics
Review: As an economics major ('75 grad) I found this a facsinating read. Rothschild notes that the roots of Darwin's natural selection theory came from his study of economics...and it makes intuitive sense that economics would have much more to do with biology than math and statistics. Capitalism is not just another economic system... it is a natural emergent quality of nature itself. If you want to understand the "New Economics" you must read this book, which will be required reading in all econ courses I'm sure.

Rating:
Summary: The New Economics
Review: As an economics major ('75 grad) I found this a facsinating read. Rothschild notes that the roots of Darwin's natural selection theory came from his study of economics...and it makes intuitive sense that economics would have much more to do with biology than math and statistics. Capitalism is not just another economic system... it is a natural emergent quality of nature itself. If you want to understand the "New Economics" you must read this book, which will be required reading in all econ courses I'm sure.

Rating:
Summary: Eye opening
Review: I had the chance to stumble on this book 5 years ago (1996) while attending business school, and it was just an amazing intellectual experience.

The book helps you make sense of not only the business world, but life in general. The essential message I took from it was that you don't have to reinvent the wheel everyday, most answers to social, economic or technological problems can be found in nature.

After this book you won't look at a tree the same way you used to. A must read for any business student or decision maker.

Rating:
Summary: Free markets occur naturally; let them grow
Review: Rothschild argues that free-market capitalism is not an "ism" but a naturally occurring phenomenon. Bionomics makes extensive parallels with the world of biology to reveal capitalism's cooperative as well as competitive aspects. This book predates many more recent writings that apply biological and emergent order ideas to markets and is still one of the best discussions. As the economy is continually and dynamically driven into new states by technological change, the lessons of Bionomics are more pertinent than ever. They suggest great caution regarding government planning and control of a naturally growing and self-regulating market economy. Government's role is to protect the property rights that allow new economic orders to flourish.

Rating:
Summary: Free markets occur naturally; let them grow
Review: Rothschild argues that free-market capitalism is not an "ism" but a naturally occurring phenomenon. Bionomics makes extensive parallels with the world of biology to reveal capitalism's cooperative as well as competitive aspects. This book predates many more recent writings that apply biological and emergent order ideas to markets and is still one of the best discussions. As the economy is continually and dynamically driven into new states by technological change, the lessons of Bionomics are more pertinent than ever. They suggest great caution regarding government planning and control of a naturally growing and self-regulating market economy. Government's role is to protect the property rights that allow new economic orders to flourish.

Rating:
Summary: A Must Read for Economics Buffs
Review: This book and the author took some beatings in some reviews I read. But there are some very interesting views presented in this book and it provides a very unique perspective on Economics. It's an easy read but has enough substance to hold your attention throughout the entire book. I recommend this book for anyone who's interested in economics, and even those of you who have majored in economics in college but moved on to something else! Enjoy!

Rating:
Summary: Just like the back cover's reviews say; "A landmark book."
Review: This book opened for me ways of seeing both personal and coorporate life in a context that is both exciting and refreshing. The author puts forward a very interesting theory about human development, a theory that we have all known but few have understood or been able to put to words. He gives a possible answere to the question "Why did mankind stay relatively undeveloped until a few hundred years ago" His suggestions and the views expressed in the book make a lot of sense to me and go very close to guaranteeing success at whatever one is doing. This is a book that everyone should read. Its an eye opener!

Rating:
Summary: This book is excellent.
Review: This is a wonderfully rich book in describing modern economics using the principals of the biology. It makes the most basic economic principals understood by using the theories of evolution. It should be required reading for Economic students (it would have been great to have this book in my Econ classes). The book also provides some excellent history of economic thought, the history of evolution, history of the stream driving motor, and more.

I would highly recommend it even though there are some parts where Rothschild uses slightly bias language to make his points (particularly about the saving rates in the U.S.). I have the version that was written in 1990. It was be especially interesting to read the updated version, especially given everything that has happen during the 1990s.

Rothschild, Congratulations on an excellent book. [e-mail]

Rating:
Summary: Still relevant after all these years
Review: This is one of the seminal works of the new economy long before the internet exploded and the term was coined. It is a landmark synthesis of technology and economics that remains unmatched 10 years after its release. A long list of industry heavyweights praised this effort at the time, it continues to merit this praise today. Here is an excerpt in Rothschild's own words:

"Capitalism, or the market economy, or the free enterprise system-or whatever you choose to label it-was not planned. Like life on earth, it did not need to be. Capitalism just happened, and it will keep on happening. Quite spontaneously. Capitalism flourishes whenever it is not suppressed, because it is a naturally occurring phenomenon. It is human society organizing itself for survival in a world of limited resources..."Having said all that, it is obvious that what the author presents is a very interesting set of ideas as opposed to a 'movement' of sorts. You can find faults with his technical analysis and conclusions and still come away with some genuine pearls.