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

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John Quiggin

Economics in Two Lessons

Why Markets Work So Well, and Why They Can Fail So Badly

John Quiggin

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English

Princeton University Pres
01 July 2019

Economics & Business; Economics; Economic theory & philosophy; Macroeconomics; Microeconomics

"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."

By: John Quiggin
Imprint: Princeton University Pres
Country of Publication: United States
Dimensions: Height: 216mm, Width: 140mm,
ISBN: 9780691154947
ISBN 10: 0691154945
Pages: 408
Publication Date: 01 July 2019
Audience: College/higher education , Professional and scholarly , Primary , Undergraduate
Format: Paperback
Publisher's Status: Active

John Quiggin is the President's Senior Fellow in Economics at the University of Queensland in Brisbane, Australia. His previous book, Zombie Economics: How Dead Ideas Still Walk among Us (Princeton), has been translated into eight languages. He has written for the New York Times and the Economist, among other publications, and is a frequent blogger for Crooked Timber and on his own website: www.johnquiggin.com. Twitter @JohnQuiggin

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

With a confident style, John Quiggin weaves together clear theory and fascinating stories to explain why markets work and why they fail. He makes the case that one-lesson economics, based on the idea that market prices are always right, is as useful as a one-wheeled bicycle. If you want to understand what free-market economics gets right, and when governments need to step in, this is the book for you. My two lessons: buy it, and read it. --Andrew Leigh, member of the Parliament of Australia With apologies to Isaiah Berlin, Quiggin is a foxy hedgehog: He knows two big things, and these twin lessons--about the virtues and limits of markets--sustain a pioneering, persuasive, and even passionate case for democracy and the mixed economy. Make room for two lessons in your mind, and on your bookshelf. --Jacob S. Hacker, coauthor of American Amnesia: How the War on Government Led Us to Forget What Made America Prosper This popular, accessible introduction to economics is organized around an idea that is brilliantly simple yet encompassing. --Suresh Naidu, Columbia University 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: A History of Economics from the Ancient World to the Twenty-First Century