The title should be: « why most economic models fail or have poor predictive ability ». Really, it is all about the models. Although the author demonstrates perfect understanding of the subject, I was expecting something more fun. Some special cases of failure whether in corporate management, evolutionary biology or finance with recurrent characteristics related to failure would have been nice. Given the high scientific standards exhibited by the author I also expected a discussion of some psychological biases connected to failure.
Game theory is treated all throughout this book. As with the other theories it is demonstrated why it does not work. It seems fairer to me to talk about limitations rather than failure (epistemological elegance, I guess). I don't know why most of the people who treat this subject in business books forget to talk about its most basic concept: dominated strategies (weakly of strongly). Because this concept is an everyday concept, one that anybody can use. Moreover if you do not apply it in some way , whether intuitively or formally, whenever you face an uncertain outcome, there is strong probability that you will have to look for a new job very soon.
One will find at the end of the book a VERY nice presentation of power laws and their applications and also a discussion of models of endogenous and exogenous species extinction. In itself this last part makes this book a valuable investment in time and money.