Skip navigation
The Mind of the Market
Book

The Mind of the Market

Compassionate Apes, Competitive Humans and Other Tales from Evolutionary Economics

Times Books, 2007 more...


Editorial Rating

8

Qualities

  • Applicable

Recommendation

This is a lively, entertaining, useful and uneven work. Author Michael Shermer ranges over an array of disciplines to synthesize current understanding of the intersection of economics and evolution. He defines and debunks homo economicus, or the economic man, a theoretical creation who behaves in a purely rational fashion. Shermer weaves personal experiences with interviews of researchers, summaries of classic texts, and contemporary experiments and observations of such well-known businesses cases as the Enron debacle. Readers with knowledge of behavioral economics or negotiation will find some familiar material in this book. For others, Shermer’s connections among biology, psychology, economics and ethics will be enlightening. He overreaches at times, making sweeping claims for the power of the market, but you don’t have to agree with every conclusion to enjoy the work. getAbstract recommends this to readers who are interested in behavioral economics, self-knowledge or the machinations of markets.

Take-Aways

  • The classic economic model depicting human behavior as purely rational is faulty.
  • Better models of economic action and reaction incorporate emotion, values and humankind’s evolutionary roots.
  • People make bad decisions for reasons that made sense in earlier historic eras.

About the Author

Michael Shermer is a columnist for Scientific American and the author of several books including Why People Believe Weird Things.


More on this topic

Learners who read this summary also read

Related Channels