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Commentary on Australian and world events from a socialist and democratic viewpoint

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    Another draft extract from my book-in-progress, Economics in Two Lessons. It’s the last part of the section on “predistribution”, dealing with Intellectual Property. Next up, “redistribution” through taxation and public expenditure. As always, encouragement is welcome, constructive criticism even more so. The system of property rights in market societies is based primarily on private property […]

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    While working on my long-forthcoming book, Economics in Two Lessons, I came across an interesting article by Edwin Dolan published (with commendably openness to criticism) in the Quarterly Journal of Austrian Economics. The conclusion On a theoretical level, Austrian writers delight in claiming the moral high ground, condemning polluters as aggressors against property rights. On […]

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    Here’s another excerpt from my book-in-progress, Economics in Two Lessons. Rather than work sequentially, I’m jumping between: Lesson 1: Market prices reflect and determine opportunity costs faced by consumers and producers. and Lesson 2: Market prices don’t reflect all the opportunity costs we face as a society. In the section over the fold, I’m looking […]

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    Here’s another excerpt from my book-in-progress, Economics in Two Lessons. As usual, praise is welcome, useful criticism even more so. You can find a draft of the opening sections here. In the section over the fold, I’m looking at public ownership. While the US adopted trustbusting and regulation as solutions to the monopoly power, most […]

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    As we saw in Section …, Lesson 1 does not apply to public goods, which can be used all, without any diminution of their usefulness, and for which no price can be charged. Many of the core activities of government may be regarded as providing public goods. These include public health measures, the control of […]

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    Here’s another excerpt from my book-in-progress, Economics in Two Lessons. As usual, praise is welcome, useful criticism even more so. You can find a draft of the opening sections here. In the section over the fold, I’m looking at education. In a modern society, education is the most important single factor determining a person’s life […]

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    For quite a while now, I’ve been working through my book-in-progress, Economics in Two Lessons (partial draft here), focusing on applications of Lesson 2 Lesson 2: Market prices don’t reflect all the opportunity costs we face as a society. Thinking about the standard market failures (monopoly, externality and so on), I’ve come to the conclusion […]

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    Another excerpt from my book-in-progress, Economics in Two Lessons (partial draft here). As usual, praise is welcome, useful criticism even more so. On most measures, health care is among the largest industries in a modern economy, and its share is likely to grow in future. Health costs are a major item of expenditure for Individuals, […]

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    I’m working on the environmental policy chapter of my book-in-progress, Economics in Two Lessons, which is a reply to Hazlitt’s Economics in One Lesson, which in turn is a repackaging of Bastiat’s What Is Seen and What Is Not Seen. Hazlitt was aware of the difficulties posed for laissez-faire by pollution, and chose to avoid […]

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    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 […]

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    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. […]

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    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 available Table of Contents Introduction. Chapter 1: What is opportunity cost? Chapter 2: Markets, opportunity cost […]

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    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 […]

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    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 […]

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    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 […]

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    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 […]

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    Nearly seven years after I started work, here’s the final draft chapter from my book-in-progress, Economics in Two Lessons. Thanks to everyone who commented on the first 15 chapters and encouraged me in the project as a whole. I’ve had quite a few amusing snarks on Twitter to the effect that 16 chapters and 90 […]

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  • 07/24/18--04:53: Some big news …
  • … least for me. Princeton University Press has agreed to publish my book, Economics in Two Lessons: Why Markets Work and Why they can Fail so Badly. I’ve been working on it for seven years, but it’s finally done. It should be published in the first half of 2019. Stay tuned for news on a […]

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    Nearly seven years after I started, I’ve finally submitted the manuscript of Economics in Two Lessons to Princeton University Press. There’s still a lot of work to be done in turning it into a published book, and some changes are still needed, but this is as close to a milestone as I’m going to get. […]

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    The publication date for my new book, Economics in Two Lessons, is set for May 2019. Until then, I’m putting extracts up on a Facebook page I’ve set up. Here’s the first one, part of the Introduction.

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