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

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

by John Quiggin
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Book cover type: Paperback
  • ISBN13: 9780691217420
  • Binding: Paperback
  • Subject: N/A
  • Publisher: Princeton University Press
  • Publisher Imprint: Princeton University Press
  • Publication Date:
  • Pages: 408
  • Original Price: USD 24.95
  • Language: English
  • Edition: N/A
  • Item Weight: 363 grams
  • BISAC Subject(s): Free Enterprise & Capitalism, Economics / Theory, and Decision-Making & Problem Solving

A masterly 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 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 masterly introduction to the key ideas behind the successes--and failures--of free markets. Brilliantly accessible, this book unlocks the essential issues at the heart of any economic question.

John Quiggin is the Laureate Professor in Economics at the University of Queensland in Brisbane, Australia. He is the author of Zombie Economics: How Dead Ideas Still Walk among Us (Princeton). Twitter @JohnQuiggin

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