Economics in Two Lessons, Chapter 12

Thanks to everyone who commented on the first eleven chapters of my book-in-progress, <em>Economics in Two Lessons</em>.

Here’s a draft of <a href=”″>Chapter 12 on Predistribution</a>

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.

<a href=”″>Table of Contents</a>
<a href=”″>Introduction</a&gt;.
<a href=”″>Chapter 1: What is opportunity cost?</a>
<a href=”″>Chapter 2: Markets, opportunity cost and equilibrium</a>
<a href=”″>Chapter 3:Time, information and uncertainty
</a><a href=”″>Chapter 4:Lesson 1: Applications</a>.
<a href=”″>Chapter 5: Lesson 1 and economic policy</a>.
<a href=”″>Chapter 6: The opportunity cost of destruction</a>
<a href=”″>Chapter 7: Property rights, and income distribution</a>
<a href=”″>Chapter 8:Unemployment</a>
<a href=”″>Chapter 9: Market Failure</a>
<a href=”″>Chapter 10: Market failure -Externalities and pollution.</a>
<a href=”″>Chapter 11: Market failure: Information, uncertainty and financial markets</a>

Feel free to make further comments on these chapters if you wish.

One thought on “Economics in Two Lessons, Chapter 12

  1. Australia has a high legal minimum wage but we know that SME’s openly ignore minimum wage laws. In TCF, hospitality, tourism, restaurants etc .. minimum wage laws might indirectly increase the actual minimum wage but that is about it, i.e. most workers will not risk getting sacked or a bad reference if their boss underpays them a few dollars an hour but they might if the gap is bigger.

    My partner, who works in TCF, has NEVER been paid the minimum wage, let alone the appropriate minimum wage for her classification under the TCF Award. Currently she gets $17 an hour and no superannuation, sick leave, annual leave etc… As is standard in TCF, she was forced to handover an ABN so the boss can have her on the books as a contractor. About the only TCF workers who get minimum wage are employed by the few remaining large TCF companies that have a union presence.

    I’m sick of hearing left wing economists say increases in the minimum wage don’t effect unemployment while ignoring the fact that millions of workers get paid below the minimum or are sham “independent contractors” or essentially rickshaw coolies in the gig economy (so once again fake contractors).

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