Bionomics: Economy as Ecosystem

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. [email protected]

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.

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.

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.

A five star in every respect, should be made required reading in every economics class; eye opening and revolutionary. I am on the Board of Advisors of 2 of the best known business schools in the US and have told both deans, this book should be read by every MBA candidate.