{"product_id":"economics-in-two-lessons-john-quiggin-9780691154947","title":"Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly","description":"\u003cp\u003e\u003cb\u003eA masterful introduction to the key ideas behind the successes--and failures--of free-market economics\u003c\/b\u003e \u003c\/p\u003e\u003cp\u003e\u003c\/p\u003eSince 1946, Henry Hazlitt's bestselling \u003ci\u003eEconomics in One Lesson\u003c\/i\u003e 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 \u003ci\u003eEconomics in Two Lessons\u003c\/i\u003e, John Quiggin teaches both lessons, offering a masterful introduction to the key ideas behind the successes--and failures--of free markets. \u003cp\u003e\u003c\/p\u003e\u003ci\u003eEconomics in Two Lessons\u003c\/i\u003e 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. \u003cp\u003e\u003c\/p\u003eTwo-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. \u003cp\u003e\u003c\/p\u003eBrilliantly accessible, \u003ci\u003eEconomics in Two Lessons\u003c\/i\u003e unlocks the essential issues at the heart of any economic question.\u003cbr\u003e\u003cbr\u003e\u003cb\u003eAuthor:\u003c\/b\u003e John Quiggin\u003cbr\u003e\u003cb\u003eISBN-10:\u003c\/b\u003e 0691154945\u003cbr\u003e\u003cb\u003eISBN-13:\u003c\/b\u003e 9780691154947\u003cbr\u003e\u003cb\u003ePublisher:\u003c\/b\u003e Princeton University Press\u003cbr\u003e\u003cb\u003eLanguage:\u003c\/b\u003e English\u003cbr\u003e\u003cb\u003ePublished:\u003c\/b\u003e 04\/23\/2019\u003cbr\u003e\u003cb\u003ePages:\u003c\/b\u003e 408\u003cbr\u003e\u003cb\u003eFormat:\u003c\/b\u003e Hardcover\u003cbr\u003e\u003cb\u003eWeight:\u003c\/b\u003e 1.50lbs\u003cbr\u003e\u003cb\u003eSize:\u003c\/b\u003e 8.60h x 5.70w x 1.40d\u003cbr\u003e\u003cbr\u003e\u003cb\u003eReview Citation(s): \u003c\/b\u003e\u003cbr\u003e\u003ci\u003eChoice\u003c\/i\u003e 10\/01\/2019","brand":"John Quiggin","offers":[{"title":"Hardcover","offer_id":43996793536767,"sku":"9780691154947","price":29.95,"currency_code":"USD","in_stock":true}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/0662\/2982\/9887\/files\/img_3f61c080-1177-4177-9ace-faa614f982bc.jpg?v=1683343724","url":"https:\/\/www.whiterainbookhouse.com\/products\/economics-in-two-lessons-john-quiggin-9780691154947","provider":"WR Book House","version":"1.0","type":"link"}