#AcademicRunPlaylist - 10/26/24

As these swans knew, it was a great day to be outside today! While I don't think it's a good idea to dip your toes in the Charles as these three were doing, it was a good day to listen to books for my #AcademicRunPlaylist!

First was "American Business History" by Walter Friedman. This book is an impressive review of the history of US business, including excellent although fairly brief acknowledgements of the centrality of Native Americans and slavery in building the US into the economic power it is today. I was hoping for more examination of the roots of different business practices, and while they are mentioned here - stock-based acquisitions, organizational hierarchies, franchising, etc. - as with most things in this book it's quickly on to the next event.

Obviously the title says it all - "a very short introduction." For research and reference purposes this book is excellent, but don't expect to come out with deep insight into the evolution of American business https://www.amazon.com/American-Business-History-Introduction-Introductions/dp/0190622474

Last was "Auctions" by Timothy Hubbard and Harry J. Paarsch. If you want to gain a good, introductory level understanding of the economic underpinnings of different types of auctions this is the book. Hubbard and Paarsch distill volumes of research into methodical examinations of optimality and strategies in different auction types, when these types of auctions are useful, and what factors tend to influence their outcomes. If there's a gap here it's in the sidelining of psychology and irrationality that humans exhibit. There is some discussion of that when considering auction types whose rules are too complex, but I would've liked to see that get a bit more coverage.

That being said, auctions are an essential economic structure that influences many areas of business and society today. I highly recommend this book as a solid first step into understanding them https://mitpress.mit.edu/9780262528535/auctions/