

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.
Chapters
Transcript
Episode notes
1 2 3 4 5 6 7
Introduction
00:00 • 3min
Opportunity Cost and Economic Systems
02:46 • 13min
Support for HNET and the Market's Inability to Solve Pollution Issues
15:54 • 3min
Consideration of Carbon Charges and the History of Macroeconomics
18:38 • 17min
Addressing Income Inequality and the Role of Tax Rates
35:42 • 3min
The Shift from Monopoly to Monopsony and the Importance of Balanced Regulation
38:47 • 4min
Understanding Economics and the Importance of Property Rights
42:27 • 3min