Reinventing the Bazaar: A Natural History of Markets
by John McMillan

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Book Reviews of Reinventing the Bazaar: A Natural History of Markets

Book Review: Very informative and easy to read
Summary: 5 Stars

I have read this book about 2 years ago and still keep its key learning: markets are extremely sophisticated tools that can bring about huge benefits, if they are properly working.

As for every tool, there is no instrinsic moral value in markets. Outcomes all depend on market design, the use we make of the tool and the overall context.

The impacts and usefulness of markets is wide ranging, the most important of which is to provide a system to sort out huge complexities around resource allocation, price discovery and information exchange. A most remarkable feature is that markets have not been invented, but have emerged - more or less like living organisms - from human experience, through trial and error over a very long path of human history. Like all living things, they can and often do fail but are essential components of everyday life.

I trust you will enjoy this reading. It gives an excellent guided tour of the subject also for the relatively un-initiated (I am no economist). The end-notes are also very informative and an excellence source of references (including websites) which you can consult if you are interested in deepening the subject further.

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