Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
by Henry Hazlitt
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Book Summary Information
Author: Henry HazlittEdition: Paperback
Audio: English (Original Language); English (Unknown); English (Published)
Published: 1988-12-14
ISBN: 0517548232
Number of pages: 218
Publisher: Three Rivers Press
Book Reviews of Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
Book Review: STILL the best guide to clear economic reasoning
Summary: 5 Stars
With all the bad theory and misinformation in the field of economics, Hazlitt's book serves a much-needed purpose. It teaches basic, self-evident principles that form the foundation for logical economic thought.
'Economics in One Lesson' should have perhaps been titled, 'Economic Policy in One Lesson', because Hazlitt is mainly concerned here with the effects of government policy on the market:
"...The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence: The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
Hazlitt's theorem is that much of our economic thought and government policy is based on fallacy. His method is to show an example of bad economic policy, explain how it adversely affects the market, and then teach good policy using logical reasoning. Along those lines, the book does not address basics such as supply and demand, but rather tackles questions like, "What is the effect of government credit on production?" Nonetheless, an absolute beginner should be able to understand the concepts presented here, even though the finer points may be lost. After reading this work, you will be able to analyze and evaluate economic policy and reason about its effects on the market.
Pay no heed to those that accuse Hazlitt of taking a narrow-minded, Libertarian viewpoint. Regardless of your economic/political affiliations, the truths presented in this book are so self-evident that, in my opinion, they are defensible on common sense alone and demonstrated throughout history.
Summary of Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy.General Books
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