John Quiggin, Economics in two lessons: Why markets work so well, and why they can fail so badly
This book is Hamlet without the prince. John Quiggin’s Economics in Two Lessons is billed as a response to Henry Hazlitt’s acclaimed Economics in One Lesson (2008), a popular tract on free market economics. Hazlitt built on Frédéric Bastiat’s “seen and unseen” analysis with a popularized description of Philip Wicksteed’s political economy and Austrian economics in the tradition of Ludwig von Mises (Hazlitt 2008, p. xii). His book was intended as an antidote to the new trends in economic reasoning from New Deal countercyclical policies and the Keynesian aggregative and interventionist framework that had swept both professional and public forums of discussion. Although Hazlitt was not a professionally trained economist, his clear and lucid writing taught generations of students and professors to engage in the economic way of thinking. Quiggin (2019, p.2) justly argues that Hazlitt gave a “simpler and sharper presentation” of free market economics than many others, although...
JEL classificationB53 D60 P50
I would like to thank Dan Smith for helpful comments.
- Hazlitt, H. (2007). The failure of the “New economics”: An analysis of the Keynesian fallacies. Auburn: Mises Institute.Google Scholar
- Hazlitt, H. (2008). Economics in one lesson. Auburn: Mises Institute.Google Scholar
- Quiggin, J. (2019). Economics in two lessons: why markets work so well and why they can fail so badly. Princeton, NJ: Princeton University Press.Google Scholar