Economics in Two Lessons Chapter 15

My long-running book-in-progress, Economics in Two Lessons is nearly done. Thanks to everyone who commented on the first 14 chapters.

Here’s a draft of Chapter 15: Monopoly and the Mixed Economy. Only one more chapter 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 to see where the book is coming from.

Table of Contents
Chapter 1: What is opportunity cost?
Chapter 2: Markets, opportunity cost and equilibrium
Chapter 3:Time, information and uncertainty
Chapter 4:Lesson 1: Applications.
Chapter 5: Lesson 1 and economic policy.
Chapter 6: The opportunity cost of destruction
Chapter 7: Property rights, and income distribution
Chapter 8:Unemployment
Chapter 9: Market Failure
Chapter 10: Market failure -Externalities and pollution.

Chapter 11: Market failure: Information, uncertainty and financial markets

Chapter 12 on Predistribution

Chapter 13 on Redistribution

Chapter 14: Policy for full employment.

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

3 thoughts on “Economics in Two Lessons Chapter 15

  1. No criticisms, but an issue that isn’t mentioned is accountability. The capitalist in a highly competitive market, from 14th-century Flemish clothiers to modem corner store proprietors, is as much a captive of the market as their employees or pieceworkers. With monopoly comes agency. Monopolists have a choice of behaviours, from cynical exploitation to reasonable enlightenment. They may choose to chain themselves again by the fiduciary theory of shareholder value, but that’s an abdication. Social democrats are entitled to insist that monopoly capitalists – all the important ones – declare and live by a set of civic values that go beyond profit maximisation.

  2. Thank-you for writing these 15 chapters. Very though-provoking and they don’t set off my BS detector the way my Economics 101 courses did years ago (I was a 3rd-year maths major and was astonished at the lack of rigour behind the fancy-looking mathematics that the economics prof used to dazzle the other students).

  3. Prof Quiggin, you have a very clear writing style that makes economics accessible to ordinary folk who lack a formal education in economics. Your writing is also full of great insights. This book and Zombie Economics are a must read. Thanks!

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