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" Economics in two lessons : "
John Quiggin.
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BL
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| Record Number
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879896
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| Main Entry
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Quiggin, John
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| Title & Author
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Economics in two lessons : : why markets work so well, and why they can fail so badly /\ John Quiggin.
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| Publication Statement
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Princeton, New Jersey :: Princeton University Press,, [2019]
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| Page. NO
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1 online resource :: illustrations (black and white)
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| ISBN
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0691186103
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: 9780691186108
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0691154945
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9780691154947
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| Bibliographies/Indexes
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Includes bibliographical references and index.
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| Contents
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Introduction -- Market Prices and Opportunity Costs -- Markets, Opportunity Cost, and Equilibrium -- Time, Information, and Uncertainty -- Lesson One: How Opportunity Cost Works in Markets -- Lesson One and Economic Policy -- The Opportunity Cost of Destruction -- Property Rights and Income Distribution -- Unemployment -- Monopoly and Market Failure -- Market Failure: Externalities and Pollution -- Market Failure: Information, Uncertainty, and Financial Markets -- Income Distribution: Predistribution -- Income Distribution: Redistribution -- Policy for Full Employment -- Monopoly and the Mixed Economy -- Environmental Policy -- Conclusion.
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| Abstract
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A masterful introduction to the key ideas behind the successes--and failures--of free-market economicsSince 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.
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Capitalism.
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Economics.
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Free enterprise.
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BUSINESS ECONOMICS-- Economics-- General.
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BUSINESS ECONOMICS-- Reference.
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Capitalism.
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Economics.
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Free enterprise.
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| Dewey Classification
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330.122
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| LC Classification
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HB171
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