The actions taken to exploit these opportunities will not necessarily benefit the community as a whole. Indeed, as we have seen throughout history, market failures can be fertile ground for antisocial and even criminal enterprises. So, along with the field of innovation, the whole philosophy and practice of regulation will have to be rewritten.
These tasks will require evolutionary and behavioral perspectives that enable us to better understand the origins and actions of institutions, markets, and firms. Management scientists may even become a little more humble, with a renewed respect for and interest in entrepreneurs and their practical wisdom. This year’s best business books on management lay out the battle lines.
- David K. Hurst is a contributing editor to strategy+business and author of its Books in Brief column. His writing has also appeared in the Harvard Business Review, the Financial Times, and other leading business publications. Hurst’s next book, The New Ecology of Leadership, will be published by Columbia University Press in the spring of 2012.