Markets as Ecosystems: Ecological Succession

In the 1890s, a University of Chicago botanist named Henry Chandler Cowles took a walk along the Indiana Dunes on the southern shore of Lake Michigan and noticed something that would reshape ecology. The dunes formed a gradient: nearest the lake, only beach grass. A few hundred meters inland, cottonwoods. Further still, pine forests. And deepest inland, towering oak-maple-beech forests that had stood for centuries. Cowles realized he wasn't just looking at different plants. He was looking at tim