Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics Paperback | Pages: 218 pages

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Original Title:	Economics in One Lesson
Edition Language:	English

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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.

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Title	:	Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics
Author	:	Henry Hazlitt
Book Format	:	Paperback
Book Edition	:	Deluxe Edition
Pages	:	Pages: 218 pages
Published	:	1979 by Three Rivers Press (first published 1946)
Categories	:	Economics. Nonfiction. Business. Politics. Finance

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The book uses simple examples of economics between individuals to understand the cost vs. benefit relationships surrounding economic decisions and policies. Examples and principles described are very easy to understand and are relevant to arguments made. Author is a Classic Economist and argues that economic growth is never optimal with government intervention. He shows how saving money is perhaps better to the growth of the economy than is consumption spending. He persuasively argues against

"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.Nine-tenths of the economic fallacies that are working such dreadful harm in the world today are the result of ignoring this lesson."Hazlitt covers a variety of topics

This book smacks down Keynesian economics with good ol' Austrian economics. Highlights (these are from memory so they may not be verbatim):"Inflation is the opiate of the masses" (LOVE the shoutout to Marx!)"Inflation is taxation of the most regressive kind.""The art of economics is not just seeing the immediate but the long term effects of any act or policy. You must trace the consequences of that policy not only for one group but for every group."I love the chapters on inflation, unions, free

The book of fallaciesMr Hazlitt's favourite word in the world is FALLACY. It appears countless times throughout the book. Only once or twice he uses equivalent terms, such as "delusion".This is my (ironic) summary of the book:- Chapter NTheory A is a fallacy. People who support it only think about the benefits for one group, and only about the short-term consequences. They should think about the long-term consequences and its impact on all groups. Let me give you an example: example 1- Chapter

I wanted to dislike this book because of its borderline-snobbish tone, but Hazlitt nailed it, and thankfully pointed out that there is no rule, no doctrine, no shortcut, no party, no faith that can point us to correct economic conclusions. We simply have to do the work to look at the evidence before understanding the consequences of any policy. As a plaque at NASA is rumored to say, "In God we trust. All others bring data."

Virtually everyone would benefit from reading this book. It would be a great high school class to spend all semester reading and learning the principles taught here. I recommend this more often than most any other book. It simply lays out how money/value is made in a society and how it is not.

For a book that was written so long ago, this book is amazingly relevant to today. It clearly explains how things like stimulus packages, government subsidies, nationalization, currency inflation etc., aren't, and can't be, magic solutions that fix the economy. It gives examples of times these types of things have been tried in the past and haven't worked and why they won't work today and will never work. If you are skeptical of the hundreds of billions of dollars being printed and shuffled