Complexity and Sensemaking in 1931

Forecasting is necessary because the modern economic system with its related social order is highly dynamic in character. What we usually call the economic machine is, in effect, a living organism which has much in common with the characteristics of living organisms in the animal and vegetable kingdoms. And behind the outward and visible change … Continue reading Complexity and Sensemaking in 1931

Sutherland on Efficiency

Marketing is one of those complex fields of human activity, like military strategy or sex, where efficiency and effectiveness are poorly correlated.   In many settings, economically illogical behaviour is advantageous because it is unexpected. Likewise in relationships, humans instinctively shy away from people who are "economically efficient".   It is not that businesses do … Continue reading Sutherland on Efficiency