Book description
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. We now have occasion to ask, "What makes these institutions work? How important are they? How can we improve them?"
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Why read it?
2 authors picked Reinventing the Bazaar as one of their favorite books. Why do they recommend it?
McMillan offers a highly readable and concise book on how economists understand market institutions.
I love to assign this book to my undergraduate students because McMillan makes sense of some fairly complex topics, such as auction design. And he covers a wide range of topics of current interest, such as corporate governance and intellectual property rights.
From Steven's list on how markets really work.
The right thinks markets are the magic solution to all problems; the left thinks they only let the rich exploit the poor. As always, the truth is more subtle. With rich details of how actual markets operate around the world, well grounded in modern economic theory of information and incentives, and written in a beautifully simple and engaging style, McMillan tells it like it is and explains why. If you have time to read only one book on economics, make it this one.
From Avinash's list on economics and game theory.
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