عنوان

Economics in two lessons :

0691186103

9780691186108

0691154945

9780691154947

Economics in two lessons :

[Book]

why markets work so well, and why they can fail so badly /

John Quiggin.

Princeton, New Jersey :

Princeton University Press,

[2019]

1 online resource :

illustrations (black and white)

Includes bibliographical references and index.

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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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.

JSTOR

OverDrive, Inc.

22573/ctvc5qj8n

9B912F88-31A1-4832-A6C5-F37166AE1C28

ECONOMICS IN TWO LESSONS.

0691154945

Capitalism.

Economics.

Free enterprise.

BUSINESS & ECONOMICS-- Economics-- General.

BUSINESS & ECONOMICS-- Reference.

Capitalism.

Economics.

Free enterprise.

BUS-- 019000

BUS-- 039000

BUS-- 044000

BUS-- 055000

BUS-- 069000

BUS-- 069030

Quiggin, John

20200822122818.0

pn

[Book]

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