Rebuilding the Bazaar: The Market Through the Eyes of an Economist
14.99 €
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Rebuilding the Bazaar: The Market Through the Eyes of an Economist
14.99 €
At the turn of the millennium, markets suddenly became noticeable: the deplorable consequences of government regulation forced market reforms not only in developing and former socialist countries, but also in many developed countries – the United States, Great Britain, Sweden, Germany, New Zealand. The stock market inflated dot-com bubble, appeared online auctions eBay. There was a need to explain to the general public what makes these institutions work, how important are they, how can they be improved?
John McMillan, a prominent expert in the field of auction theory and market design, suggests looking at markets through the eyes of an economist, i.e. from the point of view of their internal structure and working mechanisms.
In the first half of the book, using examples of real markets collected from around the world, the author analyzes the five basic properties of markets, and in the second half, he shows the consequences of their presence or absence.
Special attention is paid to the role of the state in the functioning and design of markets; it tells about transaction costs, the economy of information and intellectual property, about auctions as a method of determining prices, about market reforms in various countries in the 1980s and 1990s, including in Russia, China, New Zealand.
Noting the power of ideas combined with simplicity of presentation, The New York Times Book Review named The Bazaar Reassembly “Book of the Year.”
A Financial Times reviewer wrote: “I have finally found a book I can recommend to a proverbial nephew who wants to understand a little bit of economic theory without planning to pass an exam or become a professional economist himself.”
Robert Joss, dean of the Stanford School of Business, where McMillan was then working, described the book as "a remarkable study of why markets work or fail, based on deep theory but accessible to a wide audience.".
John McMillan, a prominent expert in the field of auction theory and market design, suggests looking at markets through the eyes of an economist, i.e. from the point of view of their internal structure and working mechanisms.
In the first half of the book, using examples of real markets collected from around the world, the author analyzes the five basic properties of markets, and in the second half, he shows the consequences of their presence or absence.
Special attention is paid to the role of the state in the functioning and design of markets; it tells about transaction costs, the economy of information and intellectual property, about auctions as a method of determining prices, about market reforms in various countries in the 1980s and 1990s, including in Russia, China, New Zealand.
Noting the power of ideas combined with simplicity of presentation, The New York Times Book Review named The Bazaar Reassembly “Book of the Year.”
A Financial Times reviewer wrote: “I have finally found a book I can recommend to a proverbial nephew who wants to understand a little bit of economic theory without planning to pass an exam or become a professional economist himself.”
Robert Joss, dean of the Stanford School of Business, where McMillan was then working, described the book as "a remarkable study of why markets work or fail, based on deep theory but accessible to a wide audience.".
See also:
- All books by the publisher
- All books by the author