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"A magnificent job of theoretical exposition."
—Ayn Rand
“I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.
If you simply read and comprehend these relatively short texts, you will know far more than most educated people about economics and government. You certainly will develop a far greater understanding of how supposedly benevolent government policies destroy prosperity. If you care about the future of this country, arm yourself with knowledge and fight back against economic ignorance. We disregard economics and history at our own peril.”
—Ron Paul, Senator from Texas
—Ayn Rand
“I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.
If you simply read and comprehend these relatively short texts, you will know far more than most educated people about economics and government. You certainly will develop a far greater understanding of how supposedly benevolent government policies destroy prosperity. If you care about the future of this country, arm yourself with knowledge and fight back against economic ignorance. We disregard economics and history at our own peril.”
—Ron Paul, Senator from Texas
Book Description
A million copy seller, Henry Hazlitt’s Economics in One Lesson is a classic economic primer. But it is also much more, having become a fundamental influence on modern “libertarian” economics of the type espoused by Ron Paul and others.
Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.
Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.
Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.
Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.
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First Sentence
ECONOMICS IS HAUNTED by more fallacies than any other study known to man. Read the first page
Front Cover | Copyright | Table of Contents | Excerpt | Index
ECONOMICS IS HAUNTED by more fallacies than any other study known to man. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Most helpful customer reviews
2 of 2 people found the following review helpful
5.0 out of 5 stars
Your Government Has No Idea How Bad A Mess It's Making,
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This review is from: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics (Paperback)
Henry Hazlitt has done the layman a huge favour in writing this book. Unfortunately, it is not only the layman who desperately needs this book. It is the world's politicians, the presidents of central banks, and those who control monetary policy who have severed their moorings with common sense and are now afloat on a raging sea of market fall-out and who don't understand how they got there who need to read this book, like, yesterday.A proponent of Austrian Economics (the free market, self-governed through the law of supply and demand, with minimal gov't intervention), Hazlitt puts forth an irrefutable case against the foggy-headed reigning economic model of the day - Keynesianism. He does this by effectively exposing and refuting the many fallacies which Keynesians embrace as orthodoxy. Where Keynes is complex and convoluted, Hazlitt is simple and straightforward. And unlike Keynes, whose work wreaks of ivory-tower arrogance and elitist snobbery, Hazlitt writes with everyday wisdom and appeals to the common sense of the average person who knows instinctively that you can't improve your financial standing by plunging into debt in order to spend your way to affluence. If only our governments understood this. At the heart of Hazlitt's book is the principle that true economics must consider the general effect over the long term of any policy it enacts. It is from the solid foundation of this principle that Hazlitt attacks all modern economic fallacies which, he argues, all have at their heart the problem of looking only at the effects of a policy on one special group in the short term. And Hazlitt reminds us that what would be foolish for household finances is all the more foolish for a nation since it the same foolishness magnified a million times over. Along with his use of common sense and plain logic, Hazlitt effectively uses statistics to prove his points (mercifully he limits his use of statistics, unlike many modern writers who use almost nothing but). If Keynes is the alchemist wizard who has masterfully entranced his economist minions through a combination of academic sophistry and elitist intimidation, Hazlitt is the plain speaking sage who breaks the spell by speaking words that ring true with every person's experience of the real world and the economic forces at work within. This is not only a great place to begin one's study of economics but it is something that politicians and voters alike should have to re-read every election year before they cast their ballots. If we had been doing that up until now, we would not be in the economic disaster we currently are.
3 of 5 people found the following review helpful
4.0 out of 5 stars
Choose some alternatives and map them to the real world,
By
This review is from: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics (Paperback)
Of the positive reveiews, they seem to be amazed that someone can define economics. It's not really rocket science, and, in an age of plenty, it's not really about scarcity. It's about individuals making choices to maximize value. They may be bad choices, uniformed choices or perverse choices, but they have, in the final analysis, impact limited to the individual. And in most cases result in some level of increased individual satisfaction.The real danger, according to Hazlitt, is when the choices of a few people, with same kinds of fallacies noted above, are coercive, enforced by government or monopolies. Which leads us to to the negative reviews. The negatives, if we can be allowed to throw out the obvious loser rants, seem to be concerned mainly with rapacious corporations, free trade among inequal countries and natural monopolies. While these are certainly provide distortions of individual choice and informed consent, they do in the long run tend to be self correcting -- see government-sanctioned coal and oil monopolies. The real interest is in how to minimize the effects of these diseconomies. Hazlitt would argue that they are self-correcting via the collective effect of individual choices. The Marxists would argue that action based upon the sceeding of individual choice to a collective power is the solution. Surely, if we can assume there is no absolute, theoretical winner in this debate, we can look to the real world, based upon the actions of multiple forms of government and millions of individuals to provide some guidance on which path leads to the most for the most. To that end, I would challenge you to read Hazlitt's book and a Marxist equivalent like Ivan Ilich's "Tools for Conviviality" and then, accepting both as plausibly complete and material, match them against your experience of recent history and your hopes for your personal future.
5.0 out of 5 stars
Learned a lot!,
By
This review is from: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics (Paperback)
I have no background in economics, so this book was very helpful. I feel as though I gained a grounding in the area and a much better understanding of the world!Recommend to anyone :)
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