Economics in Two Lessons : Why Markets Work So Well, and Why They Can Fail So Badly (9780691154947)
A masterful introduction to the key ideas behind the successes-and failures-of free-market economics
Since 1946, Henry Hazlitt's bestselling Economics in One Lesson has popularized the belief that economics can be boiled down to one simple lesson: market prices represent the true cost of everything. But one-lesson economics tells only half the story. It can explain why markets often work so well, but it can't explain why they often fail so badly-or what we should do when they stumble. As Nobel Prize-winning economist Paul Samuelson quipped, "When someone preaches 'Economics in one lesson,' I advise: Go back for the second lesson." In Economics in Two Lessons, John Quiggin teaches both lessons, offering a masterful introduction to the key ideas behind the successes-and failures-of free markets.
Economics in Two Lessons explains why market prices often fail to reflect the full cost of our choices to society as a whole. For example, every time we drive a car, fly in a plane, or flick a light switch, we contribute to global warming. But, in the absence of a price on carbon emissions, the costs of our actions are borne by everyone else. In such cases, government action is needed to achieve better outcomes.
Two-lesson economics means giving up the dogmatism of laissez-faire as well as the reflexive assumption that any economic problem can be solved by government action, since the right answer often involves a mixture of market forces and government policy. But the payoff is huge: understanding how markets actually work-and what to do when they don't.
Brilliantly accessible, Economics in Two Lessons unlocks the essential issues at the heart of any economic question.
Product details
- Hardback | 408 pages
- 140 x 216 x 35.56mm | 680.39g
- 23 Apr 2019
- Princeton University Press
- New Jersey, United States
- English
- 6 b&w illus. 4 tables.
- 0691154945
- 9780691154947
- 114,318
Download Economics in Two Lessons : Why Markets Work So Well, and Why They Can Fail So Badly (9780691154947).pdf, available at dl.actorexpo.co.uk for free.
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