Economics in two lessons : why markets work so well, and why they can fail so badly
A masterly introduction to the key ideas behind the successes-and failures-of free-market economicsSince 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.