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Economics in Two Lessons
- Why Markets Work so Well, and Why They Can Fail so Badly
- Narrated by: Gildart Jackson
- Length: 10 hrs and 56 mins
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Economics in Two Lessons
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Publisher's Summary
A masterful introduction to the key ideas behind the successes - and failures - of free-market economics
Since 1946, Henry Hazlitt's best-selling 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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What listeners say about Economics in Two Lessons
Average Customer RatingsReviews - Please select the tabs below to change the source of reviews.
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Overall4 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Dr Narendra Mohta
- 26-05-22
Tried to analyse various economic theories
Like to read the thesis & antithesis. Gave a good insight, thorough when points were taken & audio book was presented with a lot of care to not make it boring or dry. Thanks
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Overall2 out of 5 stars
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Performance4 out of 5 stars
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Story2 out of 5 stars
- David F.
- 15-03-21
Socialist propaganda rather than a lesson in economics
Al Gore fans are the target audience for book. The author naively believes that government authorities somehow have good intentions while all of those of the business world are manipulative and evil.
3 people found this helpful
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Overall1 out of 5 stars
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Performance3 out of 5 stars
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Story1 out of 5 stars
- AMZN BYR NYC
- 09-02-21
Don't need political opinions.
I could have done with less political opinion and more concise information. once you get that there is a political agenda, you get turned off.
3 people found this helpful
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Anonymous User
- 29-03-21
Excellent
Great book! I would have given 5 Stars, but the author has an incomplete, and (IMO) flawed analysis of Bitcoin.
1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- Yas
- 23-11-20
simple
The simplicity of the definitions is remarkable. Complex Economic terms are reduced to everyday words
1 person found this helpful
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Nik Bear Brown
- 19-09-22
Excellent balanced text
The book is called Economics in Two Lessons in response to Henry Hazlitt's Economics in One Lesson as Hazlitt's book only focuses on microeconomics. The two lessons in this book are microeconomics and macroeconomics. It rightly asserts that both are important and explains both well.
Many economics texts are very dogmatic teaching only microeconomics or macroeconomics. This book discusses both as well and the interplay between microeconomics and macroeconomics. Highly recommended.
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Overall4 out of 5 stars
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Performance5 out of 5 stars
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Story3 out of 5 stars
- Omar Guzman
- 24-05-22
A little removed from reality
Over all the book is a good read. The author does a good job of presenting the economy from a different perspective. The focus on opportunity as the lens is great. The author diverges a little too much for my taste. He goes into a lot of left leaning progressive theories that are far removed from reality. It’s his writing so it’s no problem, my only issue is that he declares them matter of fact. Like when he says Donald Trump won the presidential election due to the extreme right using the current economic crises. Also when presenting a case for the lower income he presents all lower income people as not having opportunity. Nor does he take into consideration that some people are just lazy. As a Latino who comes from extreme poverty I can tell you hard working people can get a head in this country. The author presents the agenda that everyone is held down by corporations and ultra rich.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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Story5 out of 5 stars
- David Phillips
- 13-10-21
Sparkling clear author and reader.
Economics as a thriller? Or maybe as an operating manual for a fair, productive, and just society.
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Overall5 out of 5 stars
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Performance4 out of 5 stars
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Story4 out of 5 stars
- Paul Flint
- 17-08-22
in depth with detailed explanation. Clearly spoken
My immediate thought after only a few words was the voice was going to make it a struggle to stay focused, maybe even difficult to stay awake.
However half an hour in and I realised the speed, clarity and tone of Gildart was perfect for the information being presented.
If you only know nothing or very little about economics then I recommend this to give you a broad understanding of the topic and you'll definitely feel you've learned something by the end.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Terry Rushton
- 26-07-22
Economics in Two Lessons - why you should read
I am not educated nor was I ever economically literate - but I have always been uncomfortable with unfettered free market practices. This book explains in simple terms, using a mix of historic and contemporary examples, the failings of 1 lesson economic theory and its consequences. I thoroughly recommend it.
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Overall5 out of 5 stars
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Performance5 out of 5 stars
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- Kindle Customer
- 26-04-19
A strong introduction to the field
John Quiggin takes us through contemporary economics with aplomb. The work is neither uncritical of mainstream economics, nor a hatchet job, but a nuanced appreciation, whilst still very accessible.