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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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| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Princeton, New Jersey :
Princeton University Press,
[2019]
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| Colección: | Book collections on Project MUSE.
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| Temas: | |
| Acceso en línea: | Texto completo |
MARC
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| 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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