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Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly by [Quiggin, John]

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Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly Kindle Edition

3.2 out of 5 stars 8 ratings

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Length: 405 pages Word Wise: Enabled Enhanced Typesetting: Enabled
Page Flip: Enabled Language: English

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Review

Make room for two lessons in your mind, and on your bookshelf.

-- "Jacob S. Hacker, coauthor of American Amnesia"

A brilliant book. People often try to write for readers who know no economics, but they rarely succeed. This book is an exception.

-- "Roger Backhouse, author of The Ordinary Business of Life"

Product Description

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

  • Format: Kindle Edition
  • File Size: 2768 KB
  • Print Length: 405 pages
  • Page Numbers Source ISBN: 0691154945
  • Publisher: Princeton University Press (23 April 2019)
  • Sold by: Amazon Australia Services, Inc.
  • Language: English
  • ASIN: B07JQ676JQ
  • Text-to-Speech: Enabled
  • X-Ray:
  • Word Wise: Enabled
  • Enhanced Typesetting: Enabled
  • Customer Reviews: Be the first to review this item
  • Amazon Bestsellers Rank: #90,092 Paid in Kindle Store (See Top 100 Paid in Kindle Store)
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Most helpful customer reviews on Amazon.com

Amazon.com: 2.7 out of 5 stars 6 reviews
Commodore Classics
3.0 out of 5 stars Decent Book But With Huge Leftist Bias
31 July 2019 - Published on Amazon.com
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8 people found this helpful
Michael R. Huben
5.0 out of 5 stars An unbiased counter to right-wing economic propaganda.
19 December 2019 - Published on Amazon.com
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2 people found this helpful
C. Edwards
5.0 out of 5 stars no specific comments
13 June 2019 - Published on Amazon.com
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Steven
1.0 out of 5 stars Quiggins is economically illiterate. Don't bother.
3 January 2020 - Published on Amazon.com
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Eisel Mazard, à-bas-le-ciel on youtube
1.0 out of 5 stars Poorly written, poorly organized, aimless, pointless & points left unproven.
9 December 2019 - Published on Amazon.com