TY  - BOOK
AU  - Quiggin,John
TI  - Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly 
SN  - 9780691154947
U1  - 330.122 23
PY  - 2019///]
CY  - Princeton, NJ : 
PB  - Princeton University Press, 
KW  - Capitalism
KW  - Economics
KW  - Free enterprise
KW  - BUSINESS & ECONOMICS / Economics / General
KW  - bisacsh
N1  - Frontmatter --; CONTENTS --; ACKNOWLEDGMENTS --; ECONOMICS IN TWO LESSONS --; Introduction --; Lesson One, Part I: The Lesson --; Chapter 1. Market Prices and Opportunity Costs --; Chapter 2. Markets, Opportunity Cost, and Equilibrium --; Chapter 3. Time, Information, and Uncertainty --; Lesson One, Part II: Applications --; Chapter 4. Lesson One: How Opportunity Cost Works in Markets --; Chapter 5. Lesson One and Economic Policy --; Chapter 6. The Opportunity Cost of Destruction --; Chapter 7. Property Rights and Income Distribution --; Chapter 8. Unemployment --; Chapter 9. Monopoly and Market Failure --; Chapter 10. Market Failure: Externalities and Pollution --; Chapter 11. Market Failure: Information, Uncertainty, and Financial Markets --; Lesson Two, Part II: Public Policy --; Chapter 12. Income Distribution: Predistribution --; Chapter 13. Income Distribution: Redistribution --; Chapter 14. Policy for Full Employment --; Chapter 15. Monopoly and the Mixed Economy --; Chapter 16. Environmental Policy --; Conclusion --; Bibliography --; Index; restricted access; Issued also in print
N2  - 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
UR  - https://doi.org/10.1515/9780691186108?locatt=mode:legacy
UR  - https://www.degruyter.com/isbn/9780691186108
UR  - https://www.degruyter.com/cover/covers/9780691186108.jpg
ER  -