This book offers a masterful introduction to the key ideas behind the successes and failures of free-market economics. Since 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 that tells only half the story. It explains 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 this book, the author teaches both lessons, offering a masterful introduction to the key ideas behind the successes and failures of free markets, and explains why market prices often fail to reflect the full cost of our choices to society as a whole. Brilliantly accessible, this title unlocks the essential issues at the heart of any economic question.