ECONOMICS IN TWO LESSONS

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

Hardback

$29.95

Order Code: ING700    ISBN : 9780691154947
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How do markets actually work—and what can we do when they don't? Responding to Henry Hazlitt's classic Economics in One Lesson—and challenging his idea that market prices represent the true cost of everything—author John Quiggin explains why market prices often fail to reflect the full impact of our choices on 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. However, in the absence of a price on carbon emissions, the costs of our actions are borne by everyone else. In such cases, he advocates a mixture of market forces and government policy—"two-lesson economics"—as the best means to address the issues.

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Copyright

2019

Publisher

Princeton University Press

Pages

390

Grade

10 and up

ISBN

9780691154947