Product Description

Since the appearance of the first edition in 1990, Planning Local Economic Development has been the foundation for an entire generation of practitioners and academics working in planning and policy development. Written by authors with years of academic, regional, and city planning experience, the book has been used widely in graduate economic development, urban studies, nonprofit management, and public administration courses.

Now thoroughly updated for the challenges of the 21st century and with new coverage of sustainability, the Fourth Edition explores the theories of local economic development while addressing the issues and opportunities faced by cities, towns, and local entities to craft their economic destinies within the global economy. Authors Edward J. Blakely and Nancey Green Leigh provide a thoroughly up-to-date exploration of planning processes, analytical techniques, and locality, business, and human resource development, as well as high technology and sustainable economic development strategies.

New to This Edition

• Incorporates sustainability into the definition and practice of local economic development
• Offers new case studies, illustrations, and exercises
• Takes a fresh look at the state of the economic development profession
• Addresses local economic development planning’s response to a climate-challenged world

Planning Local Economic Development, Fourth Edition, is ideal for graduate courses in Economic Development, Urban Studies, Nonprofit Management, Economics/Public Finance, and Public Administration. Economic development specialists in local and municipal government in the United States and internationally, as well as nonprofit organizations, will also find this an essential reference.

Customer Reviews (1)

Condensed Chicken Noodle Soup of Planning!
With relevant real-world examples and references to political and economic climates that are as recent as the Obama administration, Planning Local Economic Development is a textbook with personality and purpose. It sets the background, explaining that the proactive, multidisciplinary, and bottom-up approach taken by local economic development encourages communities to participate in the shaping and strengthening of their economy.Throughout the book, the authors cover a very broad range of topics, yet they still manage to get to the heart of each subject with relevant case studies and analysis. The book may be difficult for readers without a background in urban planning, but it is certainly not required. Primarily used to teach economic development students and future planners, the information and examples will also be useful for policymakers, community groups, and earlier editions have even been translated for international use.

The authors take widely accepted economic development strategies and deconstruct those strategies down to their core theories for the reader. Most notably, these strategies are then synthesized with the basic principles of sustainability. While traditional economic development strategies focus on job creation by attracting industries, the authors offer a three-part definition of sustainable local economic development as being, "achieved when a community's standard of living can be preserved and increased through a process of human and physical development that is based on principles of equity and sustainability" (p 75). That is to say that this concept of development must establish a minimum and increasing standard of living that reduces inequality and promotes sustainable resource use and production. This is also supportive of the book's assertion that human capital is the new driving force for economic development, and the jobs created from these strategies are superior to competing for an existing industry to relocate.

The book even presents arguments for novel, challenging, and sometimes controversial topics. In the section about planning process, the authors assert that, "Because the expected earnings for the U.S. Workforce will likely never be able to compete with the low wages of international labor markets, this country will best be able to maintain a healthy economy if its current and future workforce has a skills-based competitive advantage"(p 136-7). It is clear that local economic development has only begun to change the way people think about growth and viability, and its role in planning and policy will inevitably become more important in the years to come. If you enjoyed Thomas Friedman's Hot, Flat, and Crowded, you will certainly appreciate the knowledge and perspective that is offered by this text. ... Read more

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To accompany the hugely successful 'Methods for Economic Evaluation of Health Care Programmes 2e', this book is a thorough and rigorous discussion of the methodological principles and recent advances in the rapidly advancing field of theory and practice of economic evaluation in health care. Written by an internationally aclaimed group of authors, the book provides an in-depth discussion of the latest theoretical economic evaluation, including the methods for measuring costs and outcomes, the collection of data alongside clinical studies, ways of handling uncertainty, discounting and issues relating to the transferability of economic data. It is an ideal book for those studying economic evaluation on postgraduate or professional courses in health economics of public health. ... Read more

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By one of the preeminent theorists of the Austrian school of economics, "The Theory of Money and Credit" represents a major contribution to the science of economics. Von Mises examines the value of money, how it can be measured, and the effects of credit and monetary policy at the nation-state level. Von Mises is well known for advocating a return to the gold standard as a way to eliminate the growth and recession cycles. Given the current economic crises, many people who want a better understanding of economic theory are turning back to this classic work to better understand the role of monetary and credit policy. ... Read more

Customer Reviews (20)

Too heavy
Great stuff and all, but the text is way too difficult to read without putting a lot of effort in it. Rare and unfamiliar words combined with a complex sentence structure strips this book of its full potential, since the substance is worth five stars easily.

This should be read at some point if you find the subject interesting, but do not start with this.

Essential knowledge for any educated person
I see several comments about it being a difficult read.Well, yeah, it's a college-level read, or at least it was in my time 50 years ago.Today it might be considered challenging for undergraduates.It's a heavy subject, after all, but well worth the effort and essential for making sense of today's terrible economic issues.It's easier going than John Stuart Mill, and my 1971 copy published by the Foundation for Economic Education doesn't read like a translation.

If anyone doubts Mises' foresight of today's out-of-control government, consider the following (from page 427 of my copy):

"The government, in this regard supported by only a minority of the people, believes that there exists an emergency that necessitates a considerable increase in public expenditure and a corresponding austerity in private households.But the majority of the people disagree... However, we deal not with the substance of the conflict but with the methods chosen by the rulers for its solution.They reject the democratic way of persuading the majority.They arrogate to themselves the power and the moral right to circumvent the will of the people.They are eager to win its cooperation by deceiving the public about the costs involved in the measures suggested.While seemingly complying with the constitutional procedures of representative government, their conduct is in effect not that of elected office holders but that of guardians of the people.The elected executive no longer considers himself the people's mandatory; he turns into a Fuehrer."

As Hazlitt's Economics in One Lesson should be mandatory study for all high school students, this book should be mandatory for all college students -- at least for those whose reading level is above Ninja comics.

Great information but difficult to read
Like many other posts, I think that the information is excellent. I also found it very difficult to read and comprehend though.It gets wordy and is just difficult to follow.As another reviewer wrote, the fact that this was translated from German to English may play a role in this.I haven't read other Von Mises books so I cannot compare to them.The only reason I rate this lower is the fact it is difficult to follow.

Fantastic book
If you want to study econ, you should probably read this book. I wish I had read this before I completed my degree.

100 years later and still most accurate book on money
I attend a state school and therefore I am saturated with a healthy content of Keynesian economic bias on a daily basis, and so to read Mises' 'The Theory of Money and Credit' was like a gulp of fresh air. First of all, the Austrian brand of economists write the best books because they actually incorporate the fundamental societal dimensions in which they deduce their conclusions, giving it... A HUMAN ASPECT (an aspect that economics was originally created to understand). A huge change of pace from the disconnected perspective of authors that I have been required to read by my state school.

It was a real joy reading this book, and often had to pry myself away in order to get anything else done! And as I finish this book I can confidently say I leave with a completely transformed general understanding of economics. And not in the same way that an acolyte feels after attending his first cult meeting (which is an analogy many mainstream economists like to ascribe upon Austrians). No, I close this book with the radiant glow of newly obtained knowledge, and for the first time I am reaffirmed in my choice of economics as a major.

Thank you Ludwig von Mises, and I look forward to reading more from you and your Austrian friends F.A. Hayek and Murray Rothbard. ... Read more

Product Description

This is a book on deterministic and stochastic Growth Theory and the computational methods needed to produce numerical solutions. Exogenous and endogenous growth models are thoroughly reviewed. Special attention is paid to the use of these models for fiscal and monetary policy analysis. Modern Business Cycle Theory, the New Keynesian Macroeconomics, the class of Dynamic Stochastic General Equilibrium models, can be all considered as special cases of models of economic growth, and they can be analyzed by the theoretical and numerical procedures provided in the textbook.

Analytical discussions are presented in full detail. The book is self contained and it is designed so that the student advances in the theoretical and the computational issues in parallel. EXCEL and Matlab files are provided on an accompanying website to illustrate theoretical results as well as to simulate the effects of economic policy interventions.

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No descriptive material is available for this title. ... Read more

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Modern technology is transforming our most basic ideas about the creation of wealth. This book reveals how a new way of economic thinking is essential for success in today's world. ... Read more

Customer Reviews (13)

good but with some reservations
I enjoyed the book, but it was written in 1990 and is definitely dated in a lot of its material, and I don't agree with a lot of things, but there is a lot in there also that is worthwhile about how economies work that is excellent.He is an excellent writer and his newer books are also very good.This had more political theories in it that are definitely dated.The world has changed drastically since 1990.

Thought Provoking
Paul is right on.In 1990 he articulated the impact that technology has on our resources.We do not live in a world of scarce resources.We use technology to replace them, or multiply them, and discover new resources all the time.Paul's message to me:This world has plenty of what mankind needs.We can invent our way out of any perceived shortage.Read this book to think about all this in some new ways.

READ THIS TO LEARN MORE ABOUT ECONOMICS!
Paul Zane Pilser did a great job of explaining the theory of Alchemy and the application of it in Supply-side and Demand-side economics can produce an unlimited amount of resources and wealth for an economy.He also does a great job of discussing technology and how it is is extremely important to economic growth, how it can greatly conserve resources, it's infinite possiblities, and much more.

I learned a lot from this book!

a unified field theory for wealth
This book describes how to build wealth broadly enough so you can apply its principles to anything. its main principle is technology unleashes your ability to build wealth and by applying dormant but existing technology to resources will create enough value for you to achieve wealth. ie using the latest version software could dramatically improve your bottom line.
Probably the most inspiring principle for me is the statement: The faster you process information the faster you will achieve your goals. This makes total sense because if knowledge is power the most important knowledge is the knowledge that allows you to get more of it. I know alot of people who are determined to succeed but they learn so slowly that by the time they figure everything out it will be too late. With the rate of change today one of the skills you've got to have is the ability to learn rapidly!

A Real Eye Opener
I read this book many years ago and am still impressed by the clarity of the logic. It presents a wonderful view of the world as a place of abundance and wealth. This is a beautiful contrast to the belief many people have that the world has limited resources, so the only way to get anything is to take it from someone else. This book has forever changed my worldview.

Tim McMahon... ... Read more

Product Description

In a tribute to Joseph A. Schumpeter, a great figure in the history and development of economics, this work brings together for publication his brilliantly crafted lectures delivered more than a century ago. In The Nature and Essence of Economic Theory, now available for the first time in the English language, the reader will find absolute dedication to the search for an economic science, apart from and in rejection of moral or political dogma.

The Nature and Essence of Economic Theory works out what people should think of pure economics, what its nature is, what its methods and findings are, and where thought takes off from there. The book shows the limitations and weaknesses of nineteenth-century economics and how the field could be and was improved. To convey his arguments, Schumpeter uses certain axioms that form a consistent, self-contained system and show its value, and also how far a sound economics is based on facts and events rather than presuppositions or definitions. Schumpeter, along with others, introduced a fundamental differentiation between "statics" and "dynamics" in the economy.

Schumpeter's larger aim, beyond a pedagogic tool, was to deduce changes of the events in the market, trade, and exchange of goods and services. He called his equilibrium model "explanation" in a world without undue surprises. He defined the task of economy as the description of the system and its change tendencies. If that can be achieved unequivocally, without resorting to doctrine or dogma, then the field can be considered self-contained.

Joseph A. Schumpeter (1883-1950) was professor of economics at the University of Gra and at Bonn. He also served as Austrian minister of finance. He later moved to the United States where he taught at Harvard University until his death. His works include Business Cycles, History of Economic Analysis, and Capitalism, Socialism, and Democracy.

 Bruce A. McDaniel is professor of economics at the University of Northern Colorado. He is the author of several journal articles and Entrepreneurship and Innovation: An Economic Approach.

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Customer Reviews (1)

Review by Laurence Kotlikoff
Great! The first general theoretic analysis of the annuity market. Necessary reading for discussions of public social security reforms. Lots of results on the effects of longevity increases on retirement , private and aggregate savings. Those in the business should notice the chapters on bundling of annuities and health care and the suggestion for annuity options. ... Read more

Customer Reviews (4)

Perfection
Well, this book ,which was introduced to me by my microeconomic theory lecturer, is a perfect example for the basics of microconomic theory. It includes the main theorems that you will need when you deal with microeconomics; plus the book is simply very compact that you will face no difficulty whenever you go through the proofs. Also inclusion of almost all proofs in microeconomic theory does help the dealer. I highly recommend this book for who deals with microeconomic theory.

The canonical Book on General Equilibrium Analysis
This short book (roughly 100 pages) gives a clear exposition of the basic elements of axiomatic general equilibrium analysis. The first chapter introduces all (sic!) mathematics used in this book, mainly some topology of euclidean space and basic facts about convex sets. In principle only knowledge about counting is necessary, but some "mathematical maturity" is clearly required. I would advise the reader to learn the relevant topology elsewhere ("Introduction to Analysis" by M. Rosenlicht suffices) and use the first chapter only for reference.

The main text covers the Arrow-Debreu-McKenzie-model and its interpretation, proves its logcial consistency (existence) and investigates its efficiency properties. The formal model is clearly distinguished from its interpretation, which allows Debreu to introduce uncertainty in the model by a simple reinterpretation of the commodity space. The whole approach is axiomatic, which wasn't that usual when Debreu wrote the book in 1959. This book has changed the standards of mathematical rigor in economic theory.

This book is still used as a reference and deserves a place on every economic theorists bookshelf.

A classical book.
This book is a classical. It's important you'll buy for your library.

Difficult, but it's best !
This is not an easy book. The mathematics are very rigorous, but everything is well defined, and it is self-contained. However, it pays to read this short book. If you want to understand the foundations of themodern economic analysis, this the place to look ... Read more

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Drawing on a wealth of new archival material, including personal correspondence and diaries, Robert Leonard tells the fascinating story of the creation of game theory by Hungarian Jewish mathematician John von Neumann and Austrian economist Oskar Morgenstern. Game theory first emerged amid discussions of the psychology and mathematics of chess in Germany and fin-de-siècle Austro-Hungary. In the 1930s, on the cusp of anti-Semitism and political upheaval, it was developed by von Neumann into an ambitious theory of social organization. It was shaped still further by its use in combat analysis in World War II and during the Cold War.Interweaving accounts of the period's economics, science, and mathematics, and drawing sensitively on the private lives of von Neumann and Morgenstern, Robert Leonard provides a detailed reconstruction of a complex historical drama. ... Read more

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“An effective integration of ethics, morality and business practices…including extensive discussions of social justice, animal rights and the environment…the author elucidates the many layers of the managerial and corporate environment, deftly analyzing the fiduciary, social and moral relationships between the players in a corporation. A fresh, convincing ethical examination.”
—Kirkus Discoveries

Being good is not good enough to be moral. In Do No Evil, Michael Berumen debunks the notions that moral judgments are subjective preferences and that there are no universal standards of morality. He analyzes leading normative theories and gives biographical highlights on several important philosophers. Berumen then sets forth his own theory: the only basis for universal morality is the avoidance of death and suffering, in contrast to conventional conceptions of promoting good, which he shows cannot form a basis for universal rules of conduct.

Berumen then examines the concepts of property, exchange, competition, and inequality, and shows why capitalism occupies the default position of morality, and why socialism is problematic. With that said, he also explains why property rights are not unlimited, and how morality serves to constrain capitalist acts.

The last part of the book deals with business-related topics. Berumen demonstrates that a business is property and not primarily an instrument for delivering social justice, and he covers such areas as governance, fiduciary responsibility, marketing, globalism, the environment, duties to animals, and moral courage.

Customer Reviews (8)

Good book on Evil
Well written: clear, non-pedantic, and interesting.The idea is that we have certain rational prohibitions to avoid unnecessary harm to ourselves and that this forms the basis of morality.Berumen says there is no rational requirement to be moral towards others; this comes from joining impartiality with our own rational prohibitions, which requires we extend it to everyone else who can suffer or die, with some proportinate formula for other animals.He comes up with a short list of general maxims...don't kill, cause pain, disable, lie, steal, or violate specified duties/obligations.These are not absolute, however, for we can always come up with a case where an exception would be the right thing to do.We can justify such exceptions by applying a Kantian universal, making it apply all of the time to all such situations.Unlike Kant, Berumen will take specific facts and consequencs into account.He then shows how capitalism, or more specifically, private property and free exchange, are allowed by morality, and why collectivism is morally problematic.Less interesting stuff on business (to me) follows, though I am sure it would be valuable to people interested in the practical business side.The exception (to me) are the chapters on business duties towards animals and the environment.One of the better books on ethics, and the first I have read that really takes a hard look at the concepts underlying socialism and capitalism from an ethical standpoint

A Remarkable Synthesis
One of the few modern philsophy books with practical value...how to live one's life...and theoretical rigour from a philosophical perspective.This is a masterful synthesis of analytical philsophy, normative ethics, economics and business.I highly recommend this to serious students of any of these disciplines.Berumen begins by showing how ethical propositions have meaning and how logic applies to them; he then shows that the folly of moral relativism; and then he comes up with a set of moral principles based on our rational prohibitions and the concept of impartiality, which he contends represent the only universal moral rules possible.Berumen defines evil as the suffering of those who can suffer, whether human or other animals, and he says the basis of universal morality is to avoid causing others to suffer, that which all rational creatures would avoid for themselves without an overriding reason.Berumen then goes on to show how capitalism is more justifiable than socialism from an ethical perspective, primarily on the basis of rules against taking another's property or restricting his freedom to trade or produce. However, Berumen argues that these are not absolute rights...and that one can violate a moral precept when the facts and logic enable one to prescribe a universal exception to the circumstance, such that all rational people would prescribe the same thing given the same facts.Finally, he takes up various business issues such as corporate governance, the environment, selling, and fiduciary responsibility.His comments on the treatment of animals and our duties towards them are among the best I have encountered.

Philsophy Made Understandable
Do No Evil is written clearly and logically.A lot of philsophy is either too ethereal or too technical.Berumen starts by laying out the nature of ethics, then proceeds to show what we can and cannot justify as universal princples, and applies these ideas to economics and business.Along the way he shows that capitalism is by default the most moral system, but not something whose princples are invioble, for certain macro moral rules have precedence.Longish, but very good.

Do No Harm
Like the physician's oath, the author says the most important moral principle is to do no harm, at least, not without being able to will that what we undertake becomes a universal law covering all the same circumstances. This is an excellent book, especially when it comes to making complicated ideas easy-or easier-to understand.I really liked the section on fiduciary responsibility. The writing is clear and the subject is timely.

Good Works
One of the most important points the author makes is that the evil done by an individual or business (the death and suffering it causes) is generally more important than the good works that it performs, that is, unless we can make a specific exception to the rule against causing harm a universal prescription.Thus, a polluter despoiling the environment is not relieved of his moral responsibilities because he donates to other environmental causes. ... Read more

Product Description
In economic development, theory and practice exist as two seemingly separate realities. Academics strive to develop or refine theory by drawing on abstract concepts about the way people behave and institutions work, while practitioners draw from a stock of experiences.By bringing together leading theorists and practitioners such as Blakely, Blair, McCann, Luger, Gunder, Stough and Stimson, this book provides the first comprehensive overview of local economic development theories for over fifteen years. It explores the theory behind the key concepts that every economic practitioner must understand and in doing so, ties together the various theories from across the disciplines to practice. ... Read more

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This is the third volume of the Handbook of Game Theory with Economic Applications.Since the publication of multi-Volume 1 a decade ago, game theory has continued to develop at a furious pace, and today it is the dominant tool in economic theory.The three volumes together cover the fundamental theoretical aspects, a wide range of applications to economics, several chapters on applications to political science and individual chapters on applications to disciplines as diverse as evolutionary biology, computer science, law, psychology and ethics.The authors are the most eminent practitioners in the field, including three Nobel Prize winners.

The topics covered in the present volume include strategic ("Nash") equilibrium; incomplete information; two-person non-zero-sum games; noncooperative games with a continuum of players; stochastic games; industrial organization; bargaining, inspection; economic history; the Shapley value and its applications to perfectly competitive economies, to taxation, to public goods and to fixed prices; political science; law mechanism design; and game experimentation. ... Read more

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This book presents an original exposition of general equilibrium theory for advanced undergraduate and graduate-level students of economics. It contains detailed discussions of economic efficiency, competitive equilibrium, the first and second welfare theorems, the Kuhn-Tucker approach to general equilibrium, the Arrow-Debreu model, and rational expectations equilibrium and the permanent income hypothesis. Truman Bewley also treats optimal growth and overlapping generations models as special cases of the general equilibrium model. He uses the model and the first and second welfare theorems to explain the main ideas of insurance, capital theory, growth theory, and social security. It enables him to present a unified approach to portions of macro- as well as microeconomic theory. The book contains problems sets for most chapters.

Customer Reviews (2)

Decent. A bit too slow for my taste.
This book is a competent textbook on the basics of General Equilibrium and Overlapping Generations models. It is adequate for graduate and undergraduate students of economics. But is it simply put, boring and takes too much time and examples to teach GE theory. There are shorter and better books out there, like the Mas-Colell's microeconomics textbook. So, I don't recommend this book for students looking to learn GE theory.

The importance today of microeconomy.
This book is relevant for the actual society, because it represents the sense of general equilibrium, what it depends by the markets andthe individual preference of client. The explication is particullary simple and I don't have the difficulties existent in other texts. ... Read more

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A leading pioneer in the field offers practical applications of this innovative science. Peters describes complex concepts in an easy-to-follow manner for the non-mathematician. He uses fractals, rescaled range analysis and nonlinear dynamical models to explain behavior and understand price movements. These are specific tools employed by chaos scientists to map and measure physical and now, economic phenomena. ... Read more

Customer Reviews (9)

Gets you up and running with chaos theory for time series
This book includes a very detailed description of how to apply some chaos theory techniques - primarily R/S analysis - to time series data.With this technique, one can gauge whether a time series is completely random, completely predictive, or a mixture of these.

This book glosses over some conceptual topics such as Efficient Market Theory and the Fractal Market Hypothesis in favor of details to perform a rigorous statistical analysis.These conceptual topics are better covered in Peters' earlier work "Chaos and Order in the Capital Markets".

For the analytically oriented reader, there can be much frustration as equations are often initially presented in sloppy and unusable forms with undefined parameters (hence 4 of 5 stars).However, these are subsequently broken down and presented in a step-by-step manner that will allow most readers to implement his techniques.

Overall, this is an excellent introductory book for the practitioner or economist, not so great for the non-technical reader.

This book is a disappointment
As a market analyst for an oil company, I spend considerable effort in trying to find new ways and theories to "decode" the markets and overcome uncertainty. I had hoped Mr. Peters book would offer a model of analysis to test and hopefully use.

Unfortunately, the deeper you get into the "meet and potatoes" of this text, the more disappointing it gets. This book offers nothing. Readers less skilled in the subject matter might attribute this to their shortcomings or lesser math skills. Readers well-versed in this subject matter will easily determine that this text is a waste of time...

Good for newcomers to FMA
I have found Mr. Peters book excellent. I am no mathematician and still I found it easy to read. I was interested in learning about fractal market analysis and I found what I needed in this book.

Almost useless
In this book, Peters explains general capital market in an interesting way; but when he gets into the Fractals - the main theme of the book, he seems to just pick things up from previous research papers and condensesthem. At the end of the day you will be wondering if it is worthwhile topurchase and read the book after all.

On the editing side, I think Wileycould have done better. The math in the book is typeset in a programminglanguage style and you have to give extra effort in order to readthem.

The three stars is for being one of the very few works available inthis field.

simple as possible intro to fractals and markets
The title only indicates part of the true subject matter of this book.The book teaches about fractal analysis of any data set, and uses financial markets as special cases to illustrate the concepts involved in fractalanalysis.He begins with a brief, but facinating history of fractals, andyou learn the concepts you will need to form your own trading strategies.Mr. Peters demonstrates an easy familiarity with fractals, and this servesto keep the book interesting through its most difficult mathmaticalpassages. ... Read more

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Praise for The Leverage Space Trading Model

"As Warren Buffett said, 'It's only when the tide goes out that you learn who's been swimming naked.' We now know that most have been. It's too bad that Ralph Vince did not finish his book in 2005 or 2006, it would have helped save institutional investors and our nation trillions of dollars; few people understand the rewards of leverage and its inherent risks like Ralph. As we found out, most hedge funds and banks use leverage without knowing how to quantify its risks or rewards. This book is a must-read for anyone using or being responsible for risk. Leverage is one of our greatest empowerments."
—Salomon Konig, member of the board of directors, Hedge Fund Association, Partner and Chief Investment Officer, Artemis Capital Partners, LLC

"Ralph Vince is almost alone in his study of trade sizing, but that doesn't mean he isn't right. Traders should read this book."
—Euan Sinclair, option trader and author of Volatility Trading

"As we've seen recently, the gross misuse of leverage has been a hard lesson for institutions. But position sizing is critical to the success of all traders, big and small, and Ralph Vince brings fresh thinking to an area that badly needs it. He challenges the status quo and makes you think about what you're doing. He attacks the major flaws of MPT. There is no doubt that you'll benefit from Ralph's ideas."
—Perry Kaufman, author of New Trading Systems and Methods, Fourth Edition and A Short Course in Technical Trading

"If Ralph Vince writes it, I read it...every word, every thought this guy has produced has led me to additional market profits. Money management is clearly the way to the kingdom of wealth in the investment world and Ralph gives you the keys in this book."
—Larry Williams, trader, fund manager, and author of Trade Stocks & Commodities with the Insiders: Secrets of the COT Report and Long-Term Secrets to Short-Term Trading ... Read more

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Complex behavior can occur in any system made up of large numbers of interacting constituents, be they atoms in a solid, cells in a living organism, or consumers in a national economy. Analysis of this behavior often involves making important assumptions and approximations, the exact nature of which vary from subject to subject. Foundations of Complex-system Theoriesbegins with a description of the general features of complexity and then examines a range of important concepts, such as theories of composite systems, collective phenomena, emergent properties, and stochastic processes. Each topic is discussed with reference to the fields of statistical physics, evolutionary biology, and economics, thereby highlighting recurrent themes in the study of complex systems. This detailed yet nontechnical book will appeal to anyone who wants to know more about complex systems and their behavior. It will also be of great interest to specialists studying complexity in the physical, biological, and social sciences. ... Read more

Customer Reviews (3)

4.5 Stars-The whole is not the sum of the parts;Excellent and scholarly
This is a very interesting book.The author demonstrates that she has command over a number of different fields.She exhibits awide ranging scholarship in this book.In a nutshell,one can categorize the major conclusions she arrives at as the whole is not the sum of the parts alone.Neither a strictly micro or macro approach to the different fields she investigates,using a complex systems framework, yields the idealized types of scientific discoveryand knowledge one finds postulatedin some philosophy of science discourses that emphasize deductive closure laws.I have one slight criticism of the book,which is why I have subtracted one half a star.The author has a deep general understanding of the Keynes-Knight distinction between risk and uncertainty in economics(and in social sciences).However,she lacks an understanding of the specifics of Keynes's approach in the A Treatise on Probability(1921;TP).She is unaware of Keynes's interval estimate approach to probability,his index,w,used to measure the completeness of the evidence ,ranging from ignorance through partial knowledge to a complete information set,and Keynes's conventional coefficient of weight and risk,which treats risk, based on the purely deductive laws of probability, as a special case.This would be a very minor criticism if she had integrated the work of D.Ellsberg(Ellsberg's 2001 book,Risk,Ambiguity,and Decision gives a modern,improved and updated version of the TP) and B.Mandelbrot into her discussions involving economics,risk,and uncertainty(Ellsberg's Ambiguity with his rho and alpha indexes and the wild versus mild risk of the cauchy distribution versus normal distribution as discussed by Mandelbrot).Unfortunately,Ellsberg's contributions are not discussed at all while Mandelbrot receives a single footnote that completely ignores his contributions to economics.She can certainly obtain a 5-star rating by bringing out a revised edition in which the original,technical, pioneering work of Keynes is covered followed by the modern and updated contributions of Ellsberg and Mandelbrot.

a fascinating book -- recommended to philosophers
Philosophers of science need to read this book:the hands-on
account of how three sciences work is a healthy
corrective to the usual practice of writing philosophy of science
without actually knowing how the science is done.

A Professional work
This is an amazing work. Sunny Auyang has written an easily comprehenedible book on applications of complexity theories to economics, biology and physics.It is a professional writing to professionals indifferent fields.One needs college level maths and some physics to fullygrasp it but she has made minimum use of mathematical symbols. Her writingflows, the examples are clear, some illuminate important issues in theapplied fields, some are just homey bits that convey an idea insightfully.A lot of depth in her philosophical explorations of the complexity ideas. I consider this to be a must for any person studying or instructing insystem thinking. ... Read more