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Reinventing The Bazaar. Study Notes by Zhipeng Yan. – 1 -. Reinventing The Bazaar – A Natural History of Markets. John McMillian. Chapter 1 The Only Natural. Reinventing the Bazaar has ratings and 47 reviews. Kafka said: My review is divided into (two) parts: Abstract and Reaction (e/ part words lo. With information “poor, scarce, maldistributed and inefficiently communicated, it is buyer beware,” says John McMillan, an economics professor.

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After giving an example, he will then te it through economics terminology, but usually forgets to define those terms for average readers or makes a sort of aside definition that is easy to miss. Btw, glad i finished a book which is not a fiction. When I really read the book, I had te large amount of harvest about auctions. There can be externalities that aren’t always so easily regulatable as his treatment on cap-and-trade may make it seem e.

Jan 09, Anuudari Burenbat rated it it was amazing.

There are no discussion topics on this book yet. It has long been a prevalent misconception in editorial circles of popular science books that every equation cuts down the potential readership in half, and it appears that the thinking is spreading into the economic sphere as well.

Below are key excerpts from the book that I found particularly insightful: Nov 10, Cyrus Samii rated it it was amazing.

In fact, markets are the most effective means we have of improving people’s well-being.

Reinventing the Bazaar: A Natural History of Markets

The example of the dysfunctional EPA auction he gives – and how it gets fixed by private actors in a secondary market – seem to slip right by him – even as he writes about them in his own book.

He describes how markets can sometimes be reworked to address injustices and solve social problems.

Market tue matters – you can use it to achieve public good. There was scant mention of worker rights in his entire treatise. Account Options Sign in. May mdmillan, Edrees rated it really liked it. Jan 17, Mark rated it liked it. Selected pages Title Page. Price-fixing also cuts into productivity by preventing the price system from doing its job of allocating resources. The private market frequently fixes the stupidity of government would be designers.


Reinventing the Bazaar | W. W. Norton & Company

Then the market failures such as uncertainty in investment, principle-agent problem in a public sect In my view, it was a practical book with descriptions based on common sense rather than theoretical frame. Feb 11, A-ron rated it it was amazing Shelves: The Only Natural Economy. And while the author clearly believes reinventinh does have a role to play and constantly asserts that markets need governments, most of the examples of market failure he cites are due bazazr bad government policies.

Reinvening fact, I think it was the book with the strongest case yet for markets and efficiency. A large part of this book is devoted to precisely that – market design – after having established the more conventional economic wisdom: Sometimes it also takes well-designed fiscal policies.

For the author, it’s not the false dichotomous choice of markets of government. McMillan maintains that market design does not control what happens in the market, but it shapes and supports the process of transacting 9and that well-designed markets have to protected from both anti-market and free-market ideologues epilogue Ch.

Oct 23, Brent rated it really liked it Shelves: Rather, they are powerful if imperfect tools, the best we’ve found for improving our tge standards. This example by example storytelling is one of the strengths cmmillan this book.

I thought this one was it.

Apr 22, idea-scout rated it it was amazing. McMillan avoids the economic dogmas of the political right and left and even shows how both sides are either wrong or right in certain circumstances. It is the worst form of economy, except for all the others that have been tried from time to time. Patents and intellectual property rights are an example of imperfect solutions maintained by the government at cost to users.

In contrary the argument is more that markets are a very usefull “technology” that can allow good allocations of ressources. No Man Is an Island. Dec 26, J. I get how to think “game theory”. Eschewing ideology, he shows us that markets are neither magical nor immoral.


He takes New Zealand, Russia, and China as examples jogn gives enough detail to allow baaar reader to understand that economies are complex enough to show the suggestions that the market is a panacea are false and that successful markets are underpinned by a complex interaction of formal and informal rules.

Two cheers are enough. For example, information flow may cause students or workers to get training in less-marketable disciplines, but a well-functioning market by itself is very far from solving unemployment. Even better, quotas can be made tradable to achieve efficient allocation of caps, and alleviate government micromanaging burden My academic “shit-talking” is due to the fact that this paper was for school, where “critical thinking” is encouraged.

McMillan looks at a wide variety of industries—including interstate trucking and fishery management—and lays out the elements he regards relnventing necessary for a smoothly operating market. Far from being a radical to either side, McMillan insists on the usefulness and necessity of markets while consis McMillan provides a useful and easy-to-read overview over current thinking on markets as Joseph Stiglitz is quoted, “There could be no better rhe to the modern view of erinventing than John McMillan’s new book.

And then you reach the last chapter and he treats libertarianism as if it were the same thing as anarcho-capitalism. Communism does not work because central planners lack the omniscience of the massive amounts of information from the ground needed to manage every aspect of the economy.

But it has its limits. There are gains from trade, and people are relentless in finding ways to realize them.