Welcome to Lit in a Nutshell, the podcast where we take big ideas from great books and break them down into sharp, digestible insights.

Today, we’re diving into Economics of Two Lessons by John Quiggin — a modern reimagining of Henry Hazlitt’s classic Economics in One Lesson. Quiggin keeps the original lesson — always look beyond the immediate effects of economic decisions — but adds a second, vital one: consider the long-term and wider impacts, including costs and consequences that markets often overlook.

From climate change to inequality, the book challenges the idea that markets always get it right, and asks us to think about economics not just as numbers, but as a tool for building a fairer, more sustainable future. In this episode, we’ll distill both lessons, explore real-world examples, and see how they reshape the way we think about policy, business, and everyday choices.