New Books in Economics

John Quiggin, "Economics in Two Lessons: Why Markets Work So Well, and Why They Can Fail So Badly" (Princeton UP, 2019)

Jan 10, 2024
John Quiggin, author of Economics in Two Lessons, discusses the flaws in the belief that markets are always correct, highlighting externalities such as unemployment, income inequality, and pollution. He proposes policies to make markets work better by addressing opportunity costs. The podcast covers topics like the concept of opportunity cost, the market's inability to solve pollution issues, addressing income inequality through tax rates, the shift from monopoly to monopsony, and the importance of balanced regulation and property rights.
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