Publisher's Synopsis
This book examines economies as complex adaptive systems. If business and government must plan for, operate in, and try to affect this complex environment, what should they do?. First, the driving force of economic growth is innovation. There is much evidence that new ways of doing things, of thinking, of inventing, and most other human activity occur when people from a variety of circumstances and experiences share in an open environment. More economic complexity is a key feature of this phenomenon. Second, complex systems will adapt in the face of shocks. Thus, most economies will have to develop their abilities to bounce back from the negative shocks (resilience). Resilience results from what is already in place in the economy the characteristics of the workforce, the kinds of businesses, the amount of foreign trade the businesses do, wage rates, how much of the economy is based on durable-goods manufacturing, the culture, and more. Resilience can be enhanced only when the needed changes are in place due to ongoing long-term planning in a rapidly changing environment. This book covers a number of those topics. It introduces several concepts that will hopefully give the reader a feel for the complexity of economies in the world today."
