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Rainmaker Economics: Auctioneer’s curse – an Indian invention

Written by Ashwin Rattan Friday, 19 October 2012 16:00
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If one were to go by recorded history, auctions have been around for over 2500 years.
 
History has it that ancient Babylon used to witness auctions for marriage of women, with eligible would-be brides themselves acting as auctioneers seeking grooms.

Over time, auctions have come to be accepted as mechanisms to unlock value for objects as diverse as paintings to stamps and, at one point (unfortunately the nadir),  even the Roman Empire!
 
Financial markets also see their fair share of auctions every year, primarily through the sale of government securities.
 

To read the full article goto:

 

http://rainmakereconomics.blogspot.co.uk/2012/10/auctioneers-curse-indian-invention.html

 

About Rainmaker Economics

 

An attempt by a Professor of Finance to reconcile Dickens with Friedman.

 

As Dickens once said, "The poverty of our century is unlike that of any other. It is not, as poverty was before, the result of natural scarcity, but of a set of priorities imposed upon the rest of the world by the rich. Consequently, the modern poor are not pitied but written off as trash. The twentieth-century consumer economy has produced the first culture for which a beggar is a reminder of nothing." And as Friedman famously remarked "is there some society you know of that doesn't run on greed? You think Russia doesn't run on greed? You think China doesn't run on greed? The problem of social organization is how to set up an arrangement under which greed will do the least harm, capitalism is that kind of a system."

Ashwin Rattan

Ashwin Rattan

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