Tag Archives: Economics in Two Lessons

My long-running book-in-progress, Economics in Two Lessons is nearly done. I have a nearly complete manuscript, and am hoping for news from the publisher soon. Thanks to everyone who commented on the first 13 chapters. Here’s a draft of Chapter 14: Policy for full employment. Two more chapters to come after this Comments, criticism and praise are welcome. Earlier draft chapters are available. These aren’t final versions, as I am now editing the entire manuscript, but you can read them...

Thanks to everyone who commented on the first twelve chapters of my book-in-progress, <em>Economics in Two Lessons</em>. Here’s a draft of Chapter 13 on Redistribution Comments, criticism and praise are welcome. <!–more–> Earlier draft chapters are available. These aren’t final versions, as I am now editing the entire manuscript, but you can read them to see where the book is coming from. <a...

Thanks to everyone who commented on the first ten chapters of my book-in-progress, Economics in Two Lessons. Here’s a draft of Chapter 11: Market failure: Information, uncertainty and financial markets. Comments, criticism and praise are welcome. Earlier draft chapters are available. These aren’t final versions, as I am now editing the entire manuscript, but you can read them to see where the book is coming from. Table of ContentsIntroduction.Chapter 1: What is opportunity cost?Chapter...

Thanks to everyone who commented on the first nine chapters of my book-in-progress, Economics in Two Lessons. Here’s a draft of Chapter 10: Market failure -Externalities and pollution. Comments, criticism and praise are welcome. The book so far is availableTable of ContentsIntroduction.Chapter 1: What is opportunity cost?Chapter 2: Markets, opportunity cost and equilibriumChapter 3:Time, information and uncertaintyChapter 4:Lesson 1: Applications.Chapter 5: Lesson 1 and economic...

Thanks to everyone who commented on the first nine chapters of my book-in-progress, Economics in Two Lessons. Here’s a draft of Chapter 10: Market failure -Externalities and pollution. Comments, criticism and praise are welcome. The book so far is availableTable of ContentsIntroduction.Chapter 1: What is opportunity cost?Chapter 2: Markets, opportunity cost and equilibriumChapter 3:Time, information and uncertaintyChapter 4:Lesson 1: Applications.Chapter 5: Lesson 1 and economic...

Thanks to everyone who the first eight chapters of my book-in-progress, Economics in Two Lessons. I’ve found the comments on Chapter 8 valuable, but haven’t yet found time to edit in response to them. Soon, I hope! In the meantime, I’ve posted a draft of Chapter 9: Market Failure. Comments, criticism and praise are welcome. The book so far is availableTable of ContentsIntroduction.Chapter 1: What is opportunity cost?Chapter 2: Markets, opportunity cost and equilibriumChapter 3:Time,...

Thanks to everyone who the first seven chapters of my book-in-progress, Economics in Two Lessons. I’ve tried to think about all of them and respond to as many as possible, but I’m seeking comments from quite a few sources and may have missed some. Feel free to remind me if you think you have a point that’s been overlooked., I’ve just posted a draft of Chapter 8:Unemployment. This is one of the most important chapters in the book where I confront a central error in both Hazlitt and...

Thanks to everyone who the first six chapters of my book, Economics in Two Lessons. That brings us to the end of Lesson 1: Market prices reflect and determine opportunity costs faced by consumers and producers. Now its time for Lesson Two: Market prices don’t reflect all the opportunity costs we face as a society. I’ll start with a brief intro and then the draft of Chapter 7: Property rights, and income distribution As usual, I welcome comments, criticism and encouragement. The book so...

Thanks to everyone who the first five chapters of my book, Economics in Two Lessons. Now here’s the draft of Chapter 6: The opportunity cost of destruction This is the last part of the book devoted to Lesson 1 Market prices reflect and determine opportunity costs faced by consumers and producers. and the one where I agree mostly with Henry Hazlitt’s Economics in One Lesson. It seems particularly apposite 15 years after the beginning of the Iraq War. As usual, I welcome comments,...

Thanks to everyone who the first three chapters of my book, Economics in Two Lessons. I’ve learned a lot from the comments and made changes in response to some of them. These chapters have been a bit abstract, but now I’m moving on to some applications, which might be more interesting for some readers. Here’s the introduction to Part II Lesson 1, Part II: Applications The economic analysis showing how market equilibrium prices reflect the opportunity costs facing producers and consumers...