Economics in Two Lessons - Why Markets Work So Well, and Why They Can Fail So Badly (Hardcover)

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.

General

Imprint:	Princeton University Press
Country of origin:	United States
Release date:	April 2019
First published:	2019
Authors:	John Quiggin
Dimensions:	216 x 140 x 28mm (L x W x T)
Format:	Hardcover - Trade binding
Pages:	408
ISBN-13:	978-0-691-15494-7
Categories:	Books > Business & Economics > Economics > Economic theory & philosophy Books > Business & Economics > Economics > Macroeconomics > General Books > Business & Economics > Economics > Microeconomics > General
LSN:	0-691-15494-5
Barcode:	9780691154947

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