"If you ever wanted to know how many links connect you and the Pope, or why when the U.S. Federal Reserve Bank sneezes the global economy catches cold, read this book," writes John L. Casti (Santa Fe Institute). This "cogent and engaging" (Nature) work presents the fundamental principles of the emer[...]
In this thoroughly researched and piercingly intelligent book, physicist Mark Buchanan shows how a simple feedback loop can lead to major consequences, the kind predictable by mathematical models but hard for most people to anticipate. From his unique perspective, Buchanan argues that our basic [...]
Picture an early scene from "The Wizard of Oz" Dorothy hurries home as a tornado gathers in what was once a clear Kansas sky. Hurriedly, she seeks shelter in the storm cellar under the house, but, finding it locked, takes cover in her bedroom. We all know how that works out for her.Many investors th[...]
Positive feedback--when A produces B, which in turn produces even more A--drives not only abrupt climate changes, but also the most important and disruptive events in economics and finance, from asset bubbles to debt crises, bank runs, even corporate corruption. But economists, with few exceptions, [...]