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.
Perhaps the key to seeing through ‘(macro)economic’ theory is our long held suggestion that the moment you try to use calculus to do economics you enter into a realm of fallacy and pseu…
It is possible to consider the model of the eonic effect is too complicated, but in fact it is not. It is a simple methodology with a simple question: using a grid analysis, i.e. a sequential and parallel matrix analysis, does world history show any suspicious patterns? If does indeed! The first question: world history shows a suspicious frequency pattern, and next to that a most curious spatial pattern in parallel. That’s it, the eonic effect…That’s the ‘rustling in the bushes’ that suggests something going on where we see only the surface. Continue reading “The eonic effect, the ‘ompah’ factor: why marxism gets history wrong…and how to upgrade”
One can only recommend reading World History and the Eonic Effect to see why social/historical theories are always failures (and that includes economic theories, marxist/capitalist, plus historical materialism).
This is perhaps the only book that exists that can model free agency in the context of historical determination, I didn’t say determinism. And that again in the context teleological dynamics (or better, directionality). Economists try more and more complex mathematical models with calculus, don’t work. What might work is right under their noses, or could work: simple approximation models with computers, but with agency somehow built it, best of luck. Historians try to mate history with darwinism, won’t work. Continue reading “poor you, brainwashed by darwinism, (aren’t allowed to) will never read this book, 99 cents, cheap…//World History and the Eonic Effect Fifth Edition: Civilization, Darwinism, and Theories of Evolution…”