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Economics in two lessons : why markets work so well, and why they can fail so badly /

A masterful 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 every...

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Detalles Bibliográficos
Clasificación:Libro Electrónico
Autor principal: Quiggin, John (Autor)
Formato: Electrónico eBook
Idioma:Inglés
Publicado: Princeton, New Jersey : Princeton University Press, [2019]
Temas:
Acceso en línea:Texto completo

MARC

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245 1 0 |a Economics in two lessons :  |b why markets work so well, and why they can fail so badly /  |c John Quiggin. 
264 1 |a Princeton, New Jersey :  |b Princeton University Press,  |c [2019] 
300 |a 1 online resource (xii, 390 pages) :  |b illustrations (black and white) 
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504 |a Includes bibliographical references and index. 
505 0 0 |g Lesson 1, part I.  |t The lesson :  |t Market prices and opportunity costs :  |t What is opportunity cost? ;  |t Production cost and opportunity cost ;  |t Households, prices, and opportunity costs ;  |t Lesson one ;  |t The intellectual history of opportunity cost --  |t Markets, opportunity cost, and equilibrium :  |t TISATAAFL (There is such a thing as a free lunch) ;  |t Gains from exchange ;  |t Trade and comparative advantages ;  |t Competitive equilibrium ;  |t Free lunches and rents ;  |t Adam Smith and the division of labor --  |t Time, information, and uncertainty :  |t Interest and the opportunity cost of (not) waiting ;  |t Information ;  |t Uncertainty --  |g Lesson 1, part II.  |t Applications :  |t Lesson one: how opportunity cost works in markets :  |t Tricks and traps ;  |t Airfares ;  |t The cost of (not) going to college ;  |t An exception that proves the rule: the boom and bust in law schools ;  |t TANSTAAFL: what about "free" TV, radio, and internet content? --  |t Lesson one and economic policy :  |t Why price control doesn't (usually) work ;  |t To help poor people, give them money ;  |t Road pricing ;  |t Fish and tradable quota ;  |t A license to print money: property rights and telecommunications spectrum ;  |t Concluding comments --  |t The opportunity cost of destruction :  |t The glazier's fallacy ;  |t The economics of natural disasters ;  |t The opportunity cost of war ;  |t Technological benefits of war? --  |g Lesson 2. part I.  |t Social opportunity costs :  |t Property rights and income distribution :  |t What lesson two tells us about property rights and income distribution ;  |t Property rights and market equilibrium ;  |t The starting point ;  |t Property rights and natural law ;  |t Pareto and inequality ;  |g Conclusion --  |t Unemployment :  |t Macroeconomics and microeconomics ;  |t The business cycle ;  |t The experience of the great and lesser depressions ;  |t Are recessions abnormal?  |t Unemployment and opportunity cost ;  |t The macro foundations of micro ;  |t Hazlitt and the glazier's fallacy --  |t Monopoly and market failure :  |t The idea of market failure ;  |t Economics of size ;  |t Monopoly ;  |t Oligopoly ;  |t Monopsony and labor markets ;  |t Bargaining ;  |t Monopoly and inequality --  |t Market failure: externalities and pollution :  |t Externalities ;  |t Pollution ;  |t Climate change ;  |t Public goods ;  |t The origins of externality --  |t Market failure: information, uncertainty, and financial markets :  |t Market prices, information, and public goods ;  |t The efficient markets hypothesis ;  |t Financial markets, bubbles, and busts ;  |t Financial markets and speculation ;  |t Risk and insurance ;  |t Bounded rationality ;  |t What bitcoin reveals about financial markets --  |g Lesson 2, part II.  |t Public policy :  |t Income distribution: predistribution :  |t Income distribution and opportunity cost ;  |t Predistribution: unions ;  |t Predistribution: minimum wages ;  |t Predistribution; intellectual property ;  |t Predistribution: bankruptcy, limited liability, and business risk --  |t Income distribution: redistribution :  |t The effective marginal tax rate ;  |t Opportunity cost of redistribution: example ;  |t Weighing opportunity costs and benefits ;  |t How much should the top 1 percent be taxed? ;  |t Policies for the present and the future ;  |t Geometric mean --  |t Policy for full employment :  |t What can governments do about recessions? ;  |t Fiscal policy ;  |t Monetary policy ;  |t Labor market programs and the job guarantee ;  |t One lesson economics and unemployment ;  |g Summary --  |t Monopoly and the mixed economy :  |t Monopoly and monopsony ;  |t Antitrust ;  |t Regulation and its limits ;  |t Public enterprise ;  |t The mixed economy ;  |t I, pencil --  |t Environmental policy :  |t Regulation ;  |t Environmental taxes ;  |t Tradeable emissions permits ;  |t Global pollution problems ;  |t Climate change ;  |g Summary --  |g Conclusion. 
520 |a A masterful 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 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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