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Reinventing The Bazaar Study Notes by Zhipeng Yan Reinventing The Bazaar – A Natural History of Markets John McMillian Chapter 1 The Only Natural Economy 2 Chapter 2 Triumphs of Intelligence 3 Chapter 3 He Who Can’t Pay Dies 4 Chapter 4 Information Wants to Be Free 5 Chapter 5 Honesty Is the Best Policy 6 Chapter 6 To the Best Bidder 7 Chapter 7 Come Bid 7 Chapter 8 When You Work for Yourself 8 Chapter 9 The Embarrassment of a Patent 10 Chapter 10 No Man Is an Island 11 Chapter 11 A Conspiracy against the Public 13 Chapter 12 Grassroots E ort 14 Chapter 13 Managers of Other People’s Money 15 Chapter 14 A New Era of Competition 17 Chapter 15 Coming Up for Air 18 Chapter 16 Antipoverty Warriors 20 - 1 - Reinventing The Bazaar Study Notes by Zhipeng Yan Preface: A workable platform (for a market) has five elements: information flows smoothly; property rights are protected; people can be trusted to live up to their promises; side effects on third parties are curtailed; and competition is fostered. Chapter 1 The Only Natural Economy 1. Market transaction: an exchange that is voluntary: each party can veto it, and (subject to the rules of the marketplace) each freely agrees to the terms. A market is a forum for carrying out such exchanges. 2. Three categories of nonmarket activity: - Unpaid work inside households. - Government activities such as building roads and supplying schools and the police force.
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