Reinventing the bazaar_a natural history of markets by John McMillan

By John McMillan

Clear, insightful, and nondogmatic, this ebook supplies us a brand new appreciation for one in every of our such a lot ubiquitous institutions.

From the wild swings of the inventory industry to the web auctions of eBay to the unforeseen twists of the world's post-Communist economies, markets have without notice turn into really seen. we have now social gathering to invite, "What makes those associations paintings? How vital are they? How do we enhance them?"

Taking us on a full of life travel of an international we as soon as took with no consideration, John McMillan deals examples starting from a camel buying and selling reasonable in India to the $20 million in step with day Aalsmeer flower marketplace within the Netherlands to the worldwide exchange in AIDS medications. Eschewing ideology, he exhibits us that markets are neither magical nor immoral. really, they're robust if imperfect instruments, the simplest we now have came across for bettering our dwelling standards.

A New York Times impressive Book.

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Additional resources for Reinventing the bazaar_a natural history of markets

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Patents successfully generate inventions while inhibiting their use. Patent-induced overpricing occurs in any innovative industry but, because of the nature of demand, it is probably more marked in the pharmaceutical industry than elsewhere. The quantity purchased of a typical drug is relatively insensitive to its price. This is because the patient’s need is great, decisions on use are made not by the user but by a physician, and the bill is often paid not by the user but by an insurance company or a government health plan.

Most of the major new drug patents awarded to the drug companies have their origins in government-funded research. Of the key discoveries cited in biomedical patents, just 17 percent came from industry, according to a study by the National Science Foundation. 14 The productivity of the pharmaceutical companies’ research rests on state funding. Market incentives are generally needed to push ideas beyond pure science into usable applications. Converting a scientific breakthrough into a workable new drug is usually done most effectively in the private sector.

In April 2001 they dropped it. “We needed to win this case otherwise many of us will die,” said Nonthantla Maseko, a South African AIDS sufferer. “Our hope lay in winning this case. ” 21 By withdrawing their court action, the drug companies set a precedent that was generally interpreted to mean that poor countries could, for public-health reasons, override patents. The five leading pharmaceutical companies agreed in 2000 to negotiate lower prices on their AIDS drugs for Africa and Asia. Then, in 2001, the major companies announced they would provide AIDS drugs to developing countries for what it cost to manufacture them, about one-tenth the price charged in the West.

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