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The Price of Fish: A New Approach to Wicked Economics and Better Decisions
Gold Medal Winner - Economics, Independent Publisher Book Awards
In The Price of Fish , Michael Mainelli and Ian Harris examine in a unique way the world's most abiding and wicked problems sustainability, global warming, over-fishing, overpopulation, the pensions crisis; all of which are characterized by a set of messy, circular, aggressive and peculiarly long-term problems and go on to suggest that it is not the circumstances that are too complex, but our way of reading them that is too simple. Too simple and often wrong.
The authors aim to blend four streams choice, economics, systems and evolution in a combination they believe is the key to making better decisions and, in turn, finding answers to the world's most pernicious problems.
In The Price of Fish , Michael Mainelli and Ian Harris examine in a unique way the world's most abiding and wicked problems sustainability, global warming, over-fishing, overpopulation, the pensions crisis; all of which are characterized by a set of messy, circular, aggressive and peculiarly long-term problems and go on to suggest that it is not the circumstances that are too complex, but our way of reading them that is too simple. Too simple and often wrong.
The authors aim to blend four streams choice, economics, systems and evolution in a combination they believe is the key to making better decisions and, in turn, finding answers to the world's most pernicious problems.
- GenresNonfictionEconomics
228 pages, Paperback
First published January 1, 2011
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Displaying 1 - 9 of 9 reviews
April 17, 2013
“What does that have to do with the price of fish?” That is a question often asked in the UK when we encounter seemingly random and unconnected events. It is an unusual title for a book. However, the subtitle gives the game away. The full title of the book by Michael Mainelli and Ian Harris is: ‘The Price Of Fish: A New Approach To Wicked Economics And Better Decisions’. As is true in many economics texts, the seemingly unconnected are, actually, well connected.
Wicked problems are those which are messy, circular, inconsistent, and aggressive. The sort of problems we encounter in real life. Wicked economics is the use of a set of economic principles to attempt to solve wicked problems. Almost by definition, such solutions are generally complex, inconsistent, and circular. This is quite a step forward because it contains an implicit rejection of the Enlightenment view that for every problem, there is a single, unique, and optimal solution. The world of wicked problems is one in which there is no right solution, ‘better’ or ‘worse’ solutions are difficult to define, where we live with profound unintended consequences, and where we struggle to find a compass that will suggest the right thing to do.
The right thing to do is an important aspect of the book. It takes the view that the point of economics is not to produce an elegant solution but to have a tangible impact upon the real world. To allow us to make better decisions in the real world. For example, in explaining the ‘winners curse’, we can see why it is that competitive tendering for contracts will almost always result in a sub-optimal result, both for the contractor and for the client. But what can we do about it? One response is to refuse to engage in ‘beauty parades’. Your competitor will always win the contract, but not at a decent profit margin, leaving you a clearer field in the longer term.
There are a large number of really interesting ideas in the book. However, one that struck me as very useful, from the perspective of an economist, was the idea of viewing money as a means of communication in a relationship of trust. Money says something about us as people. It defines how we value ourselves, others, and the material things around us. A core issue in economics, one that has rarely been explained, is the concept of value. Perhaps economists have been looking in the wrong place? Perhaps we should have been looking into studies in inter-personal relationships for answers to the question of value? It could be the case that the study of communication theory would be more useful to us than monetary theory. I find these to be very interesting thoughts.
This is not a simple book. Some of the concepts it contains are quite complex. However, they are explained in a way that will allow a non-technical reader to get to grips with them quite easily. It provides a framework and structure whereby we can view wicked problems and attempt their solution. That alone commends this book.
© The European Futures Observatory 2012
Wicked problems are those which are messy, circular, inconsistent, and aggressive. The sort of problems we encounter in real life. Wicked economics is the use of a set of economic principles to attempt to solve wicked problems. Almost by definition, such solutions are generally complex, inconsistent, and circular. This is quite a step forward because it contains an implicit rejection of the Enlightenment view that for every problem, there is a single, unique, and optimal solution. The world of wicked problems is one in which there is no right solution, ‘better’ or ‘worse’ solutions are difficult to define, where we live with profound unintended consequences, and where we struggle to find a compass that will suggest the right thing to do.
The right thing to do is an important aspect of the book. It takes the view that the point of economics is not to produce an elegant solution but to have a tangible impact upon the real world. To allow us to make better decisions in the real world. For example, in explaining the ‘winners curse’, we can see why it is that competitive tendering for contracts will almost always result in a sub-optimal result, both for the contractor and for the client. But what can we do about it? One response is to refuse to engage in ‘beauty parades’. Your competitor will always win the contract, but not at a decent profit margin, leaving you a clearer field in the longer term.
There are a large number of really interesting ideas in the book. However, one that struck me as very useful, from the perspective of an economist, was the idea of viewing money as a means of communication in a relationship of trust. Money says something about us as people. It defines how we value ourselves, others, and the material things around us. A core issue in economics, one that has rarely been explained, is the concept of value. Perhaps economists have been looking in the wrong place? Perhaps we should have been looking into studies in inter-personal relationships for answers to the question of value? It could be the case that the study of communication theory would be more useful to us than monetary theory. I find these to be very interesting thoughts.
This is not a simple book. Some of the concepts it contains are quite complex. However, they are explained in a way that will allow a non-technical reader to get to grips with them quite easily. It provides a framework and structure whereby we can view wicked problems and attempt their solution. That alone commends this book.
© The European Futures Observatory 2012
September 15, 2014
Disclaimer: While I aim to be unbiased, I received a copy of this for free to review.
Despite the fact that this is a book about economics, you don’t have to be a financier to enjoy it. In fact, there’s a lot of value here for almost everyone who buys or sells something on a regular basis, whether you’re a stockbroker on Wall Street or a small business owner in rural Scotland. See, the whole world is complex and interlinked, and while it’s difficult to get your head around just how the global economy works in the age of the internet, this book is as good a place to start learning as any.
It can be a complicated read at times though, so you’ll want to make sure that there are no distractions before you start reading it – if you’ve got kids, there’s no chance whatsoever that you’ll be able to read it when they’re around, because it’s tough going as it is. If you understand exactly what the authors are talking about at all times then you’re a wiser man than I, but you don’t really need to worry about understanding each and every concept as long as you let the underlying principles sink in.
But don’t let that put you off, and don’t worry if the thought of reading about economics has never excited you, as long as it’s relevant. I can’t say that I’ve read loads of books about economics, and I’m sure that even the authors would agree that it’s a fairly dry subject in comparison to some others, but they’ve done a fantastic job of making it both interesting and educational, and trust me – that’s no easy task. Some of the stuff about game theory and the idea of time as a tradeable resource is fascinating, too.
Despite the fact that this is a book about economics, you don’t have to be a financier to enjoy it. In fact, there’s a lot of value here for almost everyone who buys or sells something on a regular basis, whether you’re a stockbroker on Wall Street or a small business owner in rural Scotland. See, the whole world is complex and interlinked, and while it’s difficult to get your head around just how the global economy works in the age of the internet, this book is as good a place to start learning as any.
It can be a complicated read at times though, so you’ll want to make sure that there are no distractions before you start reading it – if you’ve got kids, there’s no chance whatsoever that you’ll be able to read it when they’re around, because it’s tough going as it is. If you understand exactly what the authors are talking about at all times then you’re a wiser man than I, but you don’t really need to worry about understanding each and every concept as long as you let the underlying principles sink in.
But don’t let that put you off, and don’t worry if the thought of reading about economics has never excited you, as long as it’s relevant. I can’t say that I’ve read loads of books about economics, and I’m sure that even the authors would agree that it’s a fairly dry subject in comparison to some others, but they’ve done a fantastic job of making it both interesting and educational, and trust me – that’s no easy task. Some of the stuff about game theory and the idea of time as a tradeable resource is fascinating, too.
September 23, 2018
A one of a kind book that bridges contemporary economics and financial thinking to sustainability. The book is logical and pragmatic, offering an approach even for how to best manage the balance between shared common good and market opportunity.
I refer to this book many times, as it is both a source of clear explanation as it is of suggested future patterns. There is much more here than meets the eye.
I refer to this book many times, as it is both a source of clear explanation as it is of suggested future patterns. There is much more here than meets the eye.
May 12, 2018
Very high level writing without much of an opening for the reader to climbup knto the strtoslhere of manelli’s thinking, so fast forwarded to the last two chapters whose relevance to my work afforded greater access, especially the end of the last chapter, but definitely to be kep lt handy to re-reference often.
December 6, 2012
Another book that i should have concentrated more on reading all at once. Talks about using more than one approach to work toward sustainable fishing. I take it more that fishing is the example they use. Hopeful.
August 27, 2017
I really really really (really) wanted to like this book. The premise is excellent: understand better how the world of commerce really works by combining insights from the study of how people make choices, economics, systems thing, and evolution. However, in practice, the book was a hodgepodge of interesting ideas which were never quite brought together.
It isn't that I was looking for some grand unified theory. As the authors note, we need to broaden our understanding before we try to simplify to a theory. However, I did expect some amount of connection to be made between different streams. Very little was, however. After the authors talked about choice, it rarely came up again. Even within the sections, lots of concepts were presented without being connected.
So that's the bad. The good is that the book did cover a lot of interesting topics, and I learned some new things, and the underlying ideas behind the book were sound. The authors clearly know their stuff, and I just wish things had felt a bit less scattered.
It isn't that I was looking for some grand unified theory. As the authors note, we need to broaden our understanding before we try to simplify to a theory. However, I did expect some amount of connection to be made between different streams. Very little was, however. After the authors talked about choice, it rarely came up again. Even within the sections, lots of concepts were presented without being connected.
So that's the bad. The good is that the book did cover a lot of interesting topics, and I learned some new things, and the underlying ideas behind the book were sound. The authors clearly know their stuff, and I just wish things had felt a bit less scattered.
August 23, 2025
Very interesting, but you need to really concentrate and read it all at once (or multiple times) to grasp a proper understanding of what is being said as it is disjointed in parts. Good concepts behind it despite it being confusing though and worth a read for sure
December 4, 2017
From the title of this book, I thought it would be a very easy approach to economic book, since i am totally new in this field. But after I read it, i found it was not just an economic book, it was with the mixture of Economics, Finance, Psychology, Biology, Systematics, Philosophy...etc.
Although the big 4 themes: Choice, economic, system, and evolution are very clear but, when you read them, the ideas became more scattering. I guess that is because the 2 authors are very knowledgeable writers and they have the ability to see the big pictures, but me, it's not quite simple to capture the whole thing.
This book should be more suitable for MBA students to read, not really that much helpful for me the beginner.
Although the big 4 themes: Choice, economic, system, and evolution are very clear but, when you read them, the ideas became more scattering. I guess that is because the 2 authors are very knowledgeable writers and they have the ability to see the big pictures, but me, it's not quite simple to capture the whole thing.
This book should be more suitable for MBA students to read, not really that much helpful for me the beginner.
September 23, 2018
A one of a kind book that bridges contemporary economics and financial thinking to sustainability. The book is logical and pragmatic, offering an approach even for how to best manage the balance between shared common good and market opportunity.
I refer to this book many times, as it is both a source of clear explanation as it is of suggested future patterns. There is much more here than meets the eye.
I refer to this book many times, as it is both a source of clear explanation as it is of suggested future patterns. There is much more here than meets the eye.
Displaying 1 - 9 of 9 reviews