Reinventing the Bazaar: A Natural History of Markets by John McMillanMy rating: 5 of 5 stars
Publisher Site – Norton
This is a highly readable overview of markets: how they work, how they fail, what they’re good for, and what they aren’t. It’s an objective accounting of markets that neither cheerleads nor condemns but rather seeks to get at how markets form a system that is at once both the best of worlds and the worst.
The key to this book’s success is the selection of case studies, many of which are fascinating. While the subtitle, “A Natural History of Markets,” might lead the reader to think that this is a much bigger and more boring book than it is, McMillan actually picks a case or two to illustrate each of the seventeen topical chapters. Topics include: the peculiarities of markets for information, approaches to auctions, issues around intellectual property, inequality, governance and policy interaction with markets, etc.
It’s not easy to enjoy reading a book about economics, but this one certainly draws the reader into its web. I’d highly recommend this as a go-to guide for anyone who wants a compelling and objective introduction to markets.
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