Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Paperback – Dec 14 1988
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"A magnificent job of theoretical exposition."
“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
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A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy.See all Product Description
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Top Customer Reviews
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.Read more ›
I am a graduate economics student and I have trudged through extremely technical economic literature in my time. Most leading economists these days become hyperspecialized and esoteric in some paltry technical issue to the point where their work is practically useless to the average person. This is a very terrible thing. Because knowledge of economics is so crucially important to our understanding of human behavior and the world, I think it *should* be accessible to more people. For this reason, I am always on the lookout for books that help people understand economics easily. That way, we can have a much better world.
I have found few books better for the beginner than _Economics in One Lesson_. Henry Hazlitt's book here is very highly regarded and for good reason: it's an excellent, simple look at economic issues that teaches an important lesson. That lesson? That good economics entails looking at the long-term effects of economic policies on *everyone*, rather than the short-term effects on one group. With this, we can see that when the government intervenes in the economy, there are always consequences that not immediately evident.
Although the book was originally published in 1946, the topics covered by Hazlitt are pertinent and explore issues that still confront us more than 50 years later. Topics include inflation, tariffs, taxation, price fixing, labor unions, savings, the importance of profits, rent control, and more. Hazlitt writes well and doesn't obfuscate the truths of matters with cumbersome graphs and math.
Please ignore James McDuffie's fatuous review.Read more ›
As the reader proceeds through the book, a reoccurring theme presents itself. Hazlitt starts off by explaining, how and why an interested party will try to alter an economic policy. One example was in regards to rent controls. Obviously there are a large group of renters, that are interested in limiting the cost of rental properties. Hazlitt lays out the political process, that is taking place in the case of rent controls. Then he takes things a step further. He outlines how this effects other groups, within a society. He also examines the big picture, and sums up the total effect on all of the population. This is Hazlitt over all theme; to explain events in terms of the effects on the entire population.
Hazlitt analyzes all sorts of various economic issues. Most of these will be very familiar to the reader. Some examples include; tariffs, minimum wage laws, savings versus spending, company profits, public work projects, and government price fixing. All of these issues, will be evaluated in a straight forward format. In fact Hazlitt himself states, "the conclusions we arrive at usually correspond with those of unsophisticated common sense". Economic common sense, may perhaps be the best description of this book.
I highly recommend this book, to anyone looking to achieve a basic understanding of many economic issues.
Most recent customer reviews
Brilliant! Hazlitt is a champion of free market economics, capitalism and libertarianism and debunks any myths people carry or refuse to let go of regarding socialism or Keynesian... Read morePublished 4 months ago by Nizaam
More people need to read this book. very good thought experiments exposing the toxicity of government interventionPublished 5 months ago by jason
Hazlitt's book is still a classic many years on from its original publication date, and provides an excellent introduction for those new to the subject. Read morePublished 8 months ago by hexedd
This was bought for a friend. My husband read it first and he was very pleased. He was a professor of economics, and found it very good.Published 10 months ago by Sharon McDonald
good read. Helpful towards a thorough understanding of the subject.Published 13 months ago by Catherine Fu
The content is great. I can understand this book easily. Recommended.Published 15 months ago by Katherine
There was writing and highlighting in the book from the previous owner. It was a mild annoyance, but didn't affect the quality of the read. Read morePublished 15 months ago by Richard
Hands down the best book on economics. It was life changing for me. Easy to read, easy to understand, no math or statistics, just logic. Read morePublished 18 months ago by Brent McCulloch