Economics In One Lesson: The Shortest and Surest Way to Understand Basic Economics by Hazlitt, Henry By texasbeerguide.com

With over a million copies sold, Economics in One Lessonis an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day.

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.

Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred than 50 years after the initial publication of Economics in One Lesson. Hazlitts 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 Lessonevery bit as relevant and valuable today as it has been since publication. Economics In One Lesson: The Shortest and Surest Way to Understand Basic Economics by Hazlitt, Henry

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If people want to understand the abyss governments have dragged us into, then this economics primer is a start.

The media is overloaded with doom and gloom concerning the economy; and they are right. However there is little explanation as to why this financial mess has occurred other than 'twas the banker that did it. The questions that should be asked are: Why is the Eurozone collapsing? Why are anti capitalists invading the city? Why are students protesting and unions striking and also what would be the outcome if their demands are met? Why is unemployment so high? Why is housing so expensive? And the most important question: What can be done about it? Surprisingly I found the answer in this book.

Here is an excerpt on inflation.

Like every other tax, inflation acts to determine the individual and business policies we are all forced to follow. It discourages all prudence and thrift. It encourages squandering, gambling, reckless waste of all kind. If often makes it profitable to speculate than to produce. It tears apart the whole fabric of stable economic relationships. Its inexcusable injustices drive men towards desperate remedies. It plants the seeds of fascism and communism. It leads men to demand totalitarian controls. It ends invariably in bitter disillusion and collapse. English If you only read one book on economics make it this one. It should be compulsory at school level, as much for the teachers as the pupils!

The central thesis is the rule of unforeseen or ignored secondary consequences of economic decisions. For example, the tax rate rise which brings in a specified amount for the state, which it will spend on xxx. What you don't see or hear about are the businesses that don't start up because of that tax hike, the jobs that aren't created, and so on.

As you may expect the book is not for those few left who think Keynes had the right idea. This book was first published shortly after the Second World War and updated in the 1970s. Sadly it's as relevant now as it was then. Amazingly prescient. English This book is a mixed bag. It has some good points but makes just as many bad ones. Its an exercise in libertarianism. A lot of what's written is outdated even by American standards. Most examples are started from false premises and inevitably lead to false conclusions. English what a fantastic introduction to the world of economics! the book is written in a style that is easy to follow and easy to remember that the reader will learn a hell of a lot from this masterpiece.

the book itself takes held assumptions and dissects them into the world of capitalism eg governements putting a levy/fixed price on a commodity the book makes the reader look at the bigger picture so that you can gain an understanding of how the short term benefits will effect the wider community/end users/businesses etc. at the end of this book, hopefully you will learn a hell of a lot about economics and why the subject is so fascinating.

sadly, you will probably come away from reading this book and feel that governments and unions have no idea about economics and the problems they create with the decisions they implement into society. a must read for anyone looking at getting into finance, business, starting a business etc. English I bought this some time ago and it ended up in the 'to read' pile. As I was going on hols I thought I should read it as it was recommended. Glad I did. The book does not go into minute detail but takes the line of a thorough overview, the policies enacted and the 'wisdom' of the present age on economies, shining some most needed light. It reveals the smoke and mirrors of politics, the effects along with unseen and generally ignored side effects of policy. Simply put economics is a zero sum gain. If someone wins there is a loser. If the government taxes to give to someone else, someone loses. If there is a work program to help a section of the community it comes at the expense of another part of the community. As the vision of politicians and the media is so narrow you rarely see the wider implications. This book will give you those wider implications and despite the assurance of our leaders it is getting better and that they have the answers. The reality is they do not have the answers, they are doing what has been proven to fail in the past and things are getting worse. There again looking today at the economy, jobs, prices and inflation we know that anyway. This book will give you a perspective to understand why this is the case. It also will show why productive wealth creating jobs that seem so despised are essential while their replacements may not be. Just look at the rise of bureaucracy and regulation, there are becoming people to prevent you from doing any useful productive work than actually carrying it out. Altas Shrugged before one's own eyes. English

The title is disconnected with reality, you won't learn much economics from this which was pretty dissapointing. The point of the book is kind of the Thatcher / Cameron / May argument about not spending than you earn or magic money trees. Of course this is pretty much monetarism 101 which is fine if that floats your boat but not the only game in town. You don't have to be spendy mcspendface to realise there is a time and place for Keynesianism or government intervention in the economy (lord knows there has been enough of it in the last 15 years). Its fine to be one side of this particular fence than the other but good to acknowledge the other side exists. Disingenuous analogies between households and the overall economy help no one. English Home spun economic philosophy for libertarians. Thing is I'm sympathetic to his philosophy but that doesn't mean I'm an amoeba. If Mr. Hazlitt or his acolytes believe economic life is that simple then we'd be living in a libertarian state by now. Much like it's nemesis communism its all very well in theory so long as reality doesn't get in the way. Or god forbid those messy humans. Don't bother reading this unless it's an option instead of a root canal. English From a simple scenario of a broken window, Hazlitt develops a series of arguments which demonstrate some of the fallacies which we now seem to accept as gospel. Lucid, well written and full of lessons our current crop of politicians (of all parties) should learn, this book taught me about economics and the laws of cause and effect than most economics texts I have read.

If you believe that government is the answer to every problem then this isn't the book for you you will disagree with something on almost every page. If you think our government is the problem then buy this now and you will be reassured to discover just how right you are. English I read this very quickly and enjoyed almost all of it, the only exception was some areas that were a bit repetitive as similar examples were given of the same point. The key lesson though being that economic policies are often designed for the group most immediately affected, but ignore the long term, secondary and tertiary effects on everyone else. Some great examples of this are then given. It's also all written in an engaging and enthusiastic style, making it easy to read even for the non expert.

One point just to make though is that despite the title this is not an introduction to economics for a beginner. Instead this is a summary of his frustrations with common economic proposals, so it's easier to read if you already have some economics under your belt.

Finally I'd mention that the author has some clear ideological views that he tries to push. A lot of this is because he repeatedly refutes arguments because they result in an inefficient economy, taking the view that a perfect world is one where every task is done by the person/country/company that can do that task most efficiently in terms of least capital, resources and personnel. This ignores two key points. Firstly, systems often have to sacrifice efficiency for robustness, and sometimes having inefficient local production subsidised in some way is useful as it is insurance against supply disruption. The other point is that at no point does he mention inequality as a factor. I'd think that there are many trade offs where aggregate human happiness is greater with a smaller pie, evenly shared, than a larger pie unequally divided.

Overall though a good book, and a nice quick read. Whether you think government involvement in the economy should be increased or reduced this is a good book to read, making the argument for limited government involvement in the economy clearly and concisely, against which the reader can form their own view. English I would recommend this book for everyone who is really interested in economy.
I choose this rating because it explains the idea of `free market` which is in this case an economy in which government and bureaucrats creating it make as little amount of regulations as possible. In the beginning of the book author says that it is his intention to convey his message to as wide number of people as possible. That is why he decided to use every day language in its simplest form. I think that he menage to do it. Thanks to the simplicity of the language I could understand his lesson.
In this book he gives numerous examples in which he shows government attempt to regulate an economy in the name of , to make it better and to improve the wellbeing of some groups of interest. He shows how those acts and policies often have unintended consequences which in many cases have derogatory effects on economy as a whole. He reminds as that as with many things there are two sides of the story, one negative and one positive.
If you read it then you will be able to notice deceptions and illusions which are created intentionally or not by bureaucrats and politicians and other economist.
It is a small refreshing book. In the end of the book you will be rewarded with a nice list of books to read.
Everyone can read it, and that is what makes this book amazing. It was pleasure to read it because.
If there is a common sense then this book is full of it. You will be surprised how insightful his observations are, just enough to convey the idea without loosing someone in detail.
Someone in reviews wrote that this book is not about economics. That person is wrong. It`s all about economics. It is about the world in which we live and our cooperation with each other in it. It shows how that cooperation can improve our lives or not, and what has positive or negative impact on it. English