Reading Notes September 19th

Reading Notes September 19th - Carter Whittington Jordan...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
Carter Whittington Jordan Radke Soci 415 19 September 2011 Reading Notes 9/19 In Chapter 4 McMillan starts off talking about a Bazaar in order to show how information costs influence buyers. A lack of information flow causes costs to stay high and a because consumers can’t judge quality all the time they may pay more for something they perceive as identical to a higher quality version. He then says that this uneven flow of information negatively affects the market in terms of search costs and evaluation costs. Furthermore, McMillan talks about how useful the internet is in improving information flow and market efficiency, but it is not a cure-all. He gives several examples showing how the internet helps consumers and producers while also showing the role of the middle-man in the system. The basic gist of Chapter 6 is to show, as the title suggests, that honesty in business is indeed the best policy. McMillan shows this by giving a range of examples in different markets in which honesty works. He talks about informal and formal rules that govern contracts and
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 3

Reading Notes September 19th - Carter Whittington Jordan...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online