Reinventing the Bazzar: The Natural History of Markets

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9780393050219: Reinventing the Bazzar: The Natural History of Markets
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From the wild swings of the stock market to the online auctions of eBay to the unexpected twists of the world's post-Communist economies, markets have suddenly become quite visible. It is now questioned what makes these institutions work, how important they are and how we can improve them. This text takes the reader on a tour of a world we once took for granted, offering examples ranging from a camel trading fair in India to the 20 million dollar per day Aalsmeer flower market in the Netherlands to the global trade in AIDS drugs. Eschewing ideology, this text aims to show that markets are neither magical nor immoral. Rather, they are powerful if imperfect tools, the best we've found for improving our living standards.

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Review:

"An illuminating refresher course in how economics really work."

The perfect book for the Age of Enron.

You may have heard that economics is the dismal science. Not in McMillan's hands. Here economics is fun, fascinating, ... fruitful. --Peter L. Bernstein, author of Against the Gods"

Lively [and] instructive... A colorful and authoritative look at how markets work and don't work in today's economy. --Hal R. Varian, author of Information Rules: A Strategic Guide to the Network Economy"

Required reading for anyone who wants to understand the "magic" of markets... Lucidly explained, brilliantly analyzed, and delightfully explored. --Reed E. Hundt, former chairman of the Federal Communications Commission"

McMillan's rich knowledge of ... current economic theory and ... economies in transition is well embodied in this ... sophisticated survey. --Kenneth J. Arrow, 1972 Nobel Prize winner in Economics"

McMillan's prose resembles single malt, going down easy as it stimulates. "

The perfect book for the Age of Enron. "

An illuminating refresher course in how economies really work. "

An insightful, common-sense, jargon-free tour of all sorts of markets. "

About the Author:

John McMillan (1951-2007) was the Jonathan B. Lovelace Professor of Economics at Stanford University's Graduate School of Business.

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9780393323719: Reinventing the Bazaar: A Natural History of Markets

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Publisher: W. W. Norton & Company, 2003
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