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 Prize-winning economist Paul Samuelson equipped, "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.
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