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Economics in Two Lessons

Why Markets Work so Well, and Why They Can Fail so Badly
Narrated by: Gildart Jackson
Length: 10 hrs and 56 mins
5 out of 5 stars (4 ratings)

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Publisher's Summary

A masterful introduction to the key ideas behind the successes - and failures - of free-market economics

Since 1946, Henry Hazlitt's best-selling 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.

©2019 John Quiggin (P)2019 Blackstone Audio, Inc.

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  • Anonymous User
  • 04-26-19

A strong introduction to the field

John Quiggin takes us through contemporary economics with aplomb. The work is neither uncritical of mainstream economics, nor a hatchet job, but a nuanced appreciation, whilst still very accessible.