PxPixel
+612 9045 4394
 
CHECKOUT
Economics in Two Lessons : Why Markets Work So Well, and Why They Can Fail So Badly - John Quiggin

Economics in Two Lessons

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

Paperback Published: 1st March 2019
ISBN: 9780691198361
Number Of Pages: 368

Share This Book:

Paperback

RRP $29.99
$25.95
13%
OFF
Ships in 7 to 10 business days

Earn 52 Qantas Points
on this Book

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 PrizeGÇôwinning 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.   

About the Author

John Quiggin is an Australian economist, a Professor at the University of Queensland. He was formerly an Australian Research Council Laureate Fellow and Federation Fellow and a Member of the Board of the Climate Change Authority of the Australian Government.

Industry Reviews

 This popular, accessible introduction to economics is organized around an idea that is brilliantly simple yet encompassing.Suresh Naidu, Columbia University 

ISBN: 9780691198361
ISBN-10: 0691198365
Audience: General
Format: Paperback
Language: English
Number Of Pages: 368
Published: 1st March 2019
Publisher: Princeton University Press
Country of Publication: US
Dimensions (cm): 21.6 x 14.0
Edition Number: 1

Earn 52 Qantas Points
on this Book

This product is categorised by