The Nature of Value: How to Invest in the Adaptive Economy (Columbia Business School Publishing)

Using evolution as the template to understand growth, __The Nature of Value__ takes a first-principles approach to explore the parallels between economic and ecological systems. Not only does Gogerty show how value is born out of tiny sparks of adaptive innovation, but he also explores the full scope of the economy as a complex network. He borrows from an array of disciplines—including anthropology, psychology, ecology, physics, sociology, and ethics—and, most revealing of all, examines how evolution's processes can help investors avoid risk and improve their allocation decisions. Starting with a look at how innovation creates value for firms, Gogerty considers the economic niches where companies compete and explores how they can create defensive moats to enhance their ability to survive. Throughout the book, Gogerty demonstrates how this ecological understanding of the economy can help allocators improve their performance, supporting his arguments with extensive data and years of practitioner experience from scientific, social, and economic disciplines. Gogerty's practical takeaways, couched in vivid explanations and accompanied by intuitive illustrations, help investors of all backgrounds gain fresh insight into the behavior of corporations and the economy in general. 'the Nature Of Value' Presents A Theory Of How Economic Value Functions And How It Drives Growth, Starting With Tiny Sparks Of Innovation And Scaling All The Way Up To The Full Scope Of The Economy. Nick Gogerty's Exploration Of Value Borrows From A Wide Array Of Disciplines, Including Anthropology, Psychology, Physics, Sociology, And Ethics, But Most Of All, It Examines How Evolution's Processes Can Help Investors Understand The Economy And How Investors Can Use This New Understanding To Improve Their Allocation Decisions. The Problem With Price? It's Not Value -- Value And Why It Matters -- The Theory Of Value -- Knowledge And Innovation -- How Innovative Capabilities Enable Value Creation -- Allocating To Firms With A Unique Capability Mix -- Birth And Growth Of Clusters -- Cluster Convergence, Maturation, And Death -- Stable And Unstable Clusters -- The Value Of Moats -- How Moats Affect Cost, Competition, And Customer Forces -- Managing Moats, For Value Creation Today And Wealth Tomorrow -- The Economy As A Macroprocessing Network -- Monetary Shocks And Their Implications For The Allocator -- The Nature Of Value Allocation. Nick Gogerty. Includes Bibliographical References And Index. Contents Preface Part I: Value 1. The Problem with Price? It’s Not Value 2. Value and Why It Matters 3. The Theory of Value Part II: Inos 4. Knowledge and Innovation 5. How Innovative Capabilities Enable Value Creation 6. Allocating to Firms with a Unique Capability Mix Part III: Clusters 7. Birth and Growth of Clusters 8. Cluster Convergence, Maturation, and Death 9. Stable and Unstable Clusters Part IV: Moats 10. The Value of Moats 11. How Moats Affect Cost, Competition, and Customer Forces 12. Managing Moats, for Value Creation Today and Wealth Tomorrow Part V: The Economy 13. The Economy as a Macroprocessing Network 14. Monetary Shocks and Their Implications for the Allocator Part VI: The Nature of Value 15. The Nature of Value Allocation 16. Conclusion Notes Index The Nature of Value presents a theory of how economic value functions and how it drives growth, starting with tiny sparks of innovation and scaling all the way up to the full scope of the economy. Nick Gogerty's exploration of value borrows from a wide array of disciplines, including anthropology, psychology, physics, sociology, and ethics, but most of all, it examines how evolution's processes can help investors understand the economy and how investors can use this new understanding to improve their allocation decisions. Starting with a look at how innovations can help firms succeed, G