CONTENTS

Chapters in this book

1. Frontmatter i
2. CONTENTS v
3. ACKNOWLEDGMENTS xi
4. ECONOMICS IN TWO LESSONS xiii
5. Introduction 1
6. Lesson One, Part I: The Lesson 11
7. Chapter 1. Market Prices and Opportunity Costs 13
8. Chapter 2. Markets, Opportunity Cost, and Equilibrium 30
9. Chapter 3. Time, Information, and Uncertainty 50
10. Lesson One, Part II: Applications 67
11. Chapter 4. Lesson One: How Opportunity Cost Works in Markets 69
12. Chapter 5. Lesson One and Economic Policy 85
13. Chapter 6. The Opportunity Cost of Destruction 114
14. Chapter 7. Property Rights and Income Distribution 134
15. Chapter 8. Unemployment 150
16. Chapter 9. Monopoly and Market Failure 171
17. Chapter 10. Market Failure: Externalities and Pollution 196
18. Chapter 11. Market Failure: Information, Uncertainty, and Financial Markets 214
19. Lesson Two, Part II: Public Policy 237
20. Chapter 12. Income Distribution: Predistribution 239
21. Chapter 13. Income Distribution: Redistribution 270
22. Chapter 14. Policy for Full Employment 288
23. Chapter 15. Monopoly and the Mixed Economy 308
24. Chapter 16. Environmental Policy 328
25. Conclusion 343
26. Bibliography 345
27. Index 371