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Programmed to Fail - 3. Systems Analysis

Acquisition Talk

CHAPTER

Alchin's Profit Maximization Question

In 1950, Alchin published his first and perhaps most famous paper, Uncertainty, Evolution and Economic Theory. It took a completely different approach to profit maximization question. For Alchin, the filtering process of economic systems was more important than any individual. He directly compared the survival of firms in the economy to the survival of species in nature.

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