Economics in Two Lessons
Why Markets Work so Well, and Why They Can Fail so Badly
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Narrated by:
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Gildart Jackson
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By:
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John Quiggin
About this listen
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.
©2019 John Quiggin (P)2019 Blackstone Audio, Inc.Listeners also enjoyed...
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Free to Choose
- A Personal Statement
- By: Milton Friedman, Rose Friedman
- Narrated by: James Adams
- Length: 12 hrs and 15 mins
- Unabridged
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Milton Friedman and his wife, Rose, teamed up to write this most convincing and readable guide, which illustrates the crucial link between Adam Smith's capitalism and the free society. They show how freedom has been eroded and prosperity undermined through the rapid growth of governmental agencies, laws, and regulations.
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Fantastic
- By Erik on 01-21-08
By: Milton Friedman, and others
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A Capitalism for the People
- Recapturing the Lost Genius of American Prosperity
- By: Luigi Zingales
- Narrated by: Jonathan Davis
- Length: 11 hrs and 20 mins
- Unabridged
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Born in Italy, University of Chicago economist Luigi Zingales witnessed firsthand the consequences of high inflation and unemployment - paired with rampant nepotism and cronyism - on a country’s economy. This experience profoundly shaped his professional interests, and in 1988 he arrived in the United States, armed with a political passion and the belief that economists should not merely interpret the world, but should change it for the better.
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Enjoyable but a tad predictable.
- By Kevin on 12-24-12
By: Luigi Zingales
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How Are You Going to Pay for That?
- Smart Answers to the Dumbest Question in Politics
- By: Ryan Cooper
- Narrated by: Ryan Cooper
- Length: 8 hrs and 22 mins
- Unabridged
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How Are You Going to Pay for That? is filled with engaging discussions and detailed strategies that policymakers and citizens alike can use to assail even the most entrenched lines of neoliberal logic and start to undo these long-held misconceptions. Equal parts economic theory, history, and political polemic, this is an essential roadmap for winning the key battles to come.
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Not horrible but not correct either
- By David on 03-20-23
By: Ryan Cooper
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Globalization and Its Discontents
- By: Joseph E. Stiglitz
- Narrated by: Derek Perkins
- Length: 10 hrs and 33 mins
- Unabridged
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This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national best-seller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank.
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Plea
- By Asma on 10-13-20
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Dead Aid
- Why Aid Is Not Working and How There Is a Better Way for Africa
- By: Dambisa Moyo, Niall Ferguson - foreword
- Narrated by: Mike Chamberlain
- Length: 6 hrs and 29 mins
- Unabridged
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A national best-seller, Dead Aid unflinchingly confronts one of the greatest myths of our time: that billions of dollars in aid sent from wealthy countries to developing African nations has helped to reduce poverty and increase growth. In fact, poverty levels continue to escalate and growth rates have steadily declined - and millions continue to suffer. Debunking the current model of international aid promoted by both Hollywood celebrities and policy makers, Dambisa Moyo offers a bold new road map for financing the development of the world's poorest countries.
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Dangerous / Right Wing US view
- By David O'Donovan on 03-05-19
By: Dambisa Moyo, and others
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Red Flags
- Why Xi's China Is in Jeopardy
- By: George Magnus
- Narrated by: Derek Perkins
- Length: 9 hrs and 59 mins
- Unabridged
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Over the past four decades, China's remarkable transformation has garnered admiration but also sparked concern. George Magnus draws on his intimate knowledge of this dynamic nation to uncover the origins of its ascent and show why the economic traps it faces at home and the political challenges it faces abroad pose a serious threat to its continued rise.
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A pessimistic vision with western liberal bias
- By Jeronimo L. Jimenez on 10-23-20
By: George Magnus
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Fault Lines
- How Hidden Fractures Still Threaten the World's Economy
- By: Raghuram Rajan
- Narrated by: Richard Davidson
- Length: 12 hrs and 58 mins
- Unabridged
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Raghuram Rajan was one of the few economists who warned of the global financial crisis before it hit. Now, as the world struggles to recover, it's tempting to blame what happened on just a few greedy bankers who took irrational risks and left the rest of us to foot the bill. In Fault Lines, Rajan argues that serious flaws in the economy are also to blame, and warns that a potentially more devastating crisis awaits us if they aren't fixed.
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A REAL SNOOZER
- By Frank on 12-02-10
By: Raghuram Rajan
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50 Economics Classics
- Your Shortcut to the Most Important Ideas on Capitalism, Finance, and the Global Economy
- By: Tom Butler-Bowdon
- Narrated by: John Chancer
- Length: 15 hrs and 22 mins
- Unabridged
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Economics drives the modern world and shapes our lives, but few of us feel we have time to engage with the breadth of ideas in the subject. 50 Economics Classics is the smart person's guide to two centuries of discussion of finance, capitalism, and the global economy. From Adam Smith's Wealth of Nations to Thomas Piketty's best-seller Capital in the Twenty-First Century, here are the great books and seminal ideas, clarified and illuminated for all.
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The Great Degeneration
- How Institutions Decay and Economies Die
- By: Niall Ferguson
- Narrated by: Paul Slack
- Length: 4 hrs and 18 mins
- Unabridged
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Best-selling author and world-renowned historian Niall Ferguson has won widespread acclaim for thought-provoking works such as Civilization and High Financier. The Great Degeneration tackles nothing less than the decline of Western civilization. Ferguson posits that slowing growth, outrageous debt, and antisocial behavior are contributing to the erosion of the West’s once rock-solid foundations. Ferguson excavates the causes and shows how heroic leadership and radical reform are needed to right the course.
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Superb as always!
- By Ivanhoe on 08-28-17
By: Niall Ferguson
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The Age of Oversupply
- Overcoming the Greatest Challenge to the Global Economy
- By: Daniel Alpert
- Narrated by: Don Hagen
- Length: 10 hrs and 34 mins
- Unabridged
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The governments and central banks of the developed world have tried every policy tool imaginable, yet our economies remain sluggish, or worse. How did we get here, and how can we emerge from the longest downturn in recent memory? Daniel Alpert, a progressive Wall Street banker and economist, argues that we are living in the age of oversupply.
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Great book but now out of date
- By emory morsberger on 11-30-17
By: Daniel Alpert
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The End of Alchemy
- Money, Banking, and the Future of the Global Economy
- By: Mervyn King
- Narrated by: Greg Wagland
- Length: 14 hrs and 3 mins
- Unabridged
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Something is wrong with our banking system. We all sense that, but Mervyn King knows it firsthand; his 10 years at the helm of the Bank of England, including at the height of the financial crisis, revealed profound truths about the mechanisms of our capitalist society. In The End of Alchemy, he offers us an essential work about the history and future of money and banking, the keys to modern finance.
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Two books in one, both very fine
- By Philo on 07-13-16
By: Mervyn King
What listeners say about Economics in Two Lessons
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- Anonymous User
- 03-29-21
Excellent
Great book! I would have given 5 Stars, but the author has an incomplete, and (IMO) flawed analysis of Bitcoin.
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- Nik Bear Brown
- 09-19-22
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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- Yas
- 11-23-20
simple
The simplicity of the definitions is remarkable. Complex Economic terms are reduced to everyday words
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1 person found this helpful
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- Omar Guzman
- 05-24-22
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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1 person found this helpful
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- David Phillips
- 10-13-21
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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- AMZN BYR NYC
- 02-09-21
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.
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3 people found this helpful
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- David F.
- 03-15-21
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.
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4 people found this helpful