From my list on how markets really work.
Who am I?
I first got interested in how markets really work when I wrote my Ph.D. dissertation on the “deregulation” movement in the United States, Western Europe, and Japan. I quickly discovered that deregulation never happened in the literal sense. In most cases, governments had to increase regulation to enhance market competition. They needed more rules to get “freer” markets. This sounds paradoxical at first, but it really isn’t. It makes perfect sense once you realize that markets do not arise spontaneously but rather are crafted by the very visible hand of the government. So I took that insight and I have been running with it ever since.
Steven's book list on how markets really work
Why did Steven love this book?
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.