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Review and Critique - Article Example

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In general, it is an interesting work that presented an informative perspective on the need for new paradigm and mentality in economics. The article opened by discussing the roots of management thinking which can be considered as an important basis for the understanding of the new concept referred to as economics on the basis of complex adaptive systems (Beinhocker, 1997, p. 26-29). The traditional economics is based on closed equilibrium systems with core ideas founded on energy physics. The equilibrium systems are continuously increasing in flaws on the basis of limitations in applications. One reason is that it was established for agricultural and manufacturing economy, thus, the concepts were less more static and less adaptable. This cannot be applied in the present modern economic situation with high level of changes specifically based on technology (p.28). Upon the presentation of the characteristics of the traditional economics the concept of the complex adaptive systems was introduced. The complex adaptive systems is a concept referred to in the article as the answer to the need for a new model in economics that is based on change, innovation and uncertainty – the characteristics of economics in the real world.

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Running Head: ARTICLE REVIEW AND CRITIQUE Article Review and Critique Name University Professor Course Date Article Review and Critique The objective of the paper is to analyze and critique an article about the behavior of business organizations. The article studied is entitled Strategy at the Edge of Chaos by E…
Author : annabell37
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