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The Mind of the Market

Compassionate Apes, Competitive Humans and Other Tales from Evolutionary Economics

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The Mind of the Market

By: Michael Shermer
Narrated by: Michael Shermer
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 How did we evolve from ancient hunter-gatherers to modern consumer-traders? Why are people so emotional and irrational when it comes to money and business decisions?

Best-selling author Michael Shermer believes that evolution and evolutionary psychology provides an answer to both of these questions through the new science of evolutionary economics. Drawing on research from neuroeconomics, Shermer explores what brain scans reveal about bargaining, snap purchases, and how trust is established in business. Utilizing experiments in behavioral economics, Shermer shows why people hang on to losing stocks and failing companies, why business negotiations often disintegrate into emotional tit-for-tat disputes, and why money does not make us happy.

Employing research from complexity theory, Shermer shows how evolution and economics are both examples of a larger and still somewhat mysterious phenomenon of emergence, where one plus one equals three. The Mind of the Market will change the way we think about the economics of everyday life.

©2008 Michael Shermer (P)2008 Michael Shermer Anthropology Biological Sciences Economics Evolution Evolution & Genetics Science Theory Business Capitalism Socialism Liberalism Emotions Money Taxation
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Like a good meal nearly ruined by a bad ingredient, it is frustrating to see good ideas delivered in a middling package. Shermer's skeptical optimism is firmly rooted in cutting-edge social and natural sciences. Many of his detractors are shocked by his unapologetic defence of free market capitalism, and it does sound occasionally starry-eyed. But he backs up his arguments with good evidence, especially when discussing the economic dimensions of behavioural, neuro- and social psychology.

The problem lies not with the contents, but with the structure of the book. Did the editor sleep on the job? The chapters are loosely connected ruminations on various topics without a strong, overarching narrative. They rehash latest popular science articles, which is fine, but they also recycle his own earlier books. And, by the end, you are left wondering, "That was it?"

Overall, I enjoyed the audiobook, thanks to the author's snappy narration, the abridged format, and the fascinating barrage of popular science trivia. Shermer's position is a strong and important one. But this book does not do it justice. It feels like a competent but forgettable cash grab for the airport lounge market.

Good ideas in a middling package

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