Paul MacAvoy's Book Recommendations
• WHEN GENIUS FAILED: THE RISE AND FALL OF LONG TERM CAPITAL MANAGEMENT by Roger Lowenstein
"What appears to be a decisive error managing volatility of a portfolio of financial assets is reveled to be human factors in causing a breakdown of a management system under pressure. It could happen anywhere?"
• INDUSTRIAL ORGANIZATION: A STRATEGIC APPROACH by Jeffrey Church and Roger Ware
"In the past two decades there has been an explosion of high quality analysis of the organization of industries - the number and size of firms, rate of growth of firms, chronological change and the resulting competitiveness of markets. Find out what the experts know by reading this book. (For example, Chapter 16, Strategic Behavior: switching costs, vertical separation, tying, managerial incentives)."
• YOU SAY YOU WANT A REVOLUTION, A STORY OF INFORMATION AGE POLITICS by Reed E. Hunt
"A story of the corruption of a federal independent regulatory agency, the Federal Communications Committee, by the Chairman of the Commission from 1992-1997."
• MODERN COMPETITIVE ANALYSIS by Sharon Oster
"The application of strategy to obtain competitive advantage is carried to the higher level of sophistication in this Third Edition of a book widely used in strategy courses in the top twenty business schools. There is much subtlety in the understatement of winning strategies so that this book has to be read very closely."
• THE GREAT WAVE: PRICE REVOLUTIONS AND THE RHYTHM OF HISTORY by David Hackett Fisher
"The author believes that "the history of prices is the history of change and examines his thesis through four great waves of inflation, in the thirteenth, sixteenth, eighteenth and twentieth centuries. He finds that in each wave of inflation there were falling real wages, rising returns to capital, and growing gaps between rich and poor. Since prices determine everything else this is a rich history of economic activity through seven centuries."
Paul W. MacAvoy is the Williams Brothers Professor of Management Studies at the Yale School of Management. He has also taught at MIT and the University of Chicago and has had fellowships at the Brookings Institution and at AEI. Mr. MacAvoy served on President Ford's Council of Economic Advisers and as the cochairman of the President's Task Force on Regulatory Reform. Under President Johnson, he served as a staff economist on the President's Council of Economic Advisers and on the Task Force on the Antitrust Laws. He served on the Council of the Administrative Conference of the United States under President Carter, and President Reagan appointed him to the National Productivity Advisory Committee. He has written numerous journal articles and books, including The Natural Gas Market: Sixty Years of Regulation and Deregulation, and The Failure of Antitrust and Regulation to Establish Competition in Long-Distance Telephone Services, and he coauthored Energy Regulation by the Federal Power Commission. Mr. MacAvoy has been a member of the Boards of Directors of the Alumax Corporation, the American Cyanamid Corporation, the Chase Manhattan Corporation, the LaFarge Corporation, and the United States Synthetic Fuels Corporation.