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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.
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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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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Most Helpful Customer Reviews
49 of 50 people found the following review helpful
Format:Paperback
This writing in this book is straightforward yet beautifully elegant. The author examines over twenty commonly held economic assumptions. In doing so, he exposes what he considers to be faulty thinking and widely assumed fallacies.
This book is written from a classical liberal standpoint. Each `fallacy' is considered in a discrete chapter. Each chapter is in itself a separate little essay. Each little essay builds upon the previous one in explaining a little more of the theories that underpin economic thoughts.
More than anything else, this book attempts to demonstrate that the art of economics is considering not just what is seen in any transaction, but also what is unseen. Often, it explains that a policy designed to achieve a desirable X will have the unintended consequence of creating an undesirable Y which is worse than the original problem that was to be solved.
For instance, if a shop window is broken it must be replaced. It will create employment for the glazier. Many will think this makes the economy richer. However, the shopkeeper may have been planning a different purchase, such as a car or a computer. The shopkeeper will have to purchase a new window. He may no longer be able to afford the computer. So at the end, the shopkeeper is poorer than before - he has only one window whereas he would have had one window and one computer.
This analysis is then applied to the state as a whole. Hazlitt points out what are the immediately visible results of any action. He then attempts to demonstrate what are the invisible consequences. His conclusion is that too often, we do not see the invisible consequences of our or our government's actions.
This is a very accessible work. It is inviting in its style and flattering in its treatment of the reader. The book does not seek to instruct in complicated economic theories. Instead, it lays out the simple underpinnings of the liberal market analysis and attempts to highlight the immediate shortcomings of rival positions. It is a book that is a pleasure to read.
This book is written from a classical liberal standpoint. Each `fallacy' is considered in a discrete chapter. Each chapter is in itself a separate little essay. Each little essay builds upon the previous one in explaining a little more of the theories that underpin economic thoughts.
More than anything else, this book attempts to demonstrate that the art of economics is considering not just what is seen in any transaction, but also what is unseen. Often, it explains that a policy designed to achieve a desirable X will have the unintended consequence of creating an undesirable Y which is worse than the original problem that was to be solved.
For instance, if a shop window is broken it must be replaced. It will create employment for the glazier. Many will think this makes the economy richer. However, the shopkeeper may have been planning a different purchase, such as a car or a computer. The shopkeeper will have to purchase a new window. He may no longer be able to afford the computer. So at the end, the shopkeeper is poorer than before - he has only one window whereas he would have had one window and one computer.
This analysis is then applied to the state as a whole. Hazlitt points out what are the immediately visible results of any action. He then attempts to demonstrate what are the invisible consequences. His conclusion is that too often, we do not see the invisible consequences of our or our government's actions.
This is a very accessible work. It is inviting in its style and flattering in its treatment of the reader. The book does not seek to instruct in complicated economic theories. Instead, it lays out the simple underpinnings of the liberal market analysis and attempts to highlight the immediate shortcomings of rival positions. It is a book that is a pleasure to read.
7 of 7 people found the following review helpful
Format:Paperback|Amazon Verified Purchase
A fairly straightforward book explaining in simple terms some very basic economic principles. However, I felt that the information imparted could have been done in a much shorter book as it tends to go on in much the same way about each subject, often veering dangerously close to being a rant. Mr Hazlitt writes in the style of a grumpy, opinionated Daily Mail reader, something I found a little irritating, and his general response to anyone who has an outlook different to him is to label them fools, idiots or just plain stupid rather than clearly refuting their arguments.
The economics is solid, unbending free market economics presented without any figures or real-life examples (with some minor exceptions), there is certainly no social dimension to the subject, and there is no consideration that economies may be distorted by anything other than supply, demand and/or government interference. Personally I was a little uncomfortable with the lack of what I would regard as a key element to the subject and certainly strikes me as needing consideration as this factor is why the practice differs so radically from the theory presented here.
Personally I was expecting something a little more substantial from what the book promised. Condensed into maybe 40-50 pages with some clear examples and further chapters translating the theory into practice combined with a friendlier tone would have made this the essential primer this book masquerades as.
The economics is solid, unbending free market economics presented without any figures or real-life examples (with some minor exceptions), there is certainly no social dimension to the subject, and there is no consideration that economies may be distorted by anything other than supply, demand and/or government interference. Personally I was a little uncomfortable with the lack of what I would regard as a key element to the subject and certainly strikes me as needing consideration as this factor is why the practice differs so radically from the theory presented here.
Personally I was expecting something a little more substantial from what the book promised. Condensed into maybe 40-50 pages with some clear examples and further chapters translating the theory into practice combined with a friendlier tone would have made this the essential primer this book masquerades as.
16 of 17 people found the following review helpful
Format:Paperback
For most of my life I have paid little attention to theoretical economics and I suspect this is true for most people. However the current disastrous financial dilemmas awoke my interest. I quickly came across the Austrian school of economists and Hazlitt can be classed with them. The writing here is succinct and non technical and full of common sense, a quality missing from almost all economists and politicians.
The economic theory advanced here is illustrative of a persuasive broader philosophy which argues against the interference of the state in our daily lives. I suggest that if this book is to your taste you explore his other works which (in the absence of availability on Amazon) can be obtained at the Ludwig Von Mises Institute in America with the other Austrian school writers.
The economic theory advanced here is illustrative of a persuasive broader philosophy which argues against the interference of the state in our daily lives. I suggest that if this book is to your taste you explore his other works which (in the absence of availability on Amazon) can be obtained at the Ludwig Von Mises Institute in America with the other Austrian school writers.
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Most Recent Customer Reviews
Economic literacy
If people want to understand the abyss governments have dragged us into, then this economics primer is a start. Read more
Published 4 months ago by Ryopinion
A must read for anyone interested in Economics
Economics In One Lesson, doesn't use maths or diagrams to make its point. Its plain speak,using plain logic. Read more
Published 5 months ago by Bar-Fly Pablo
Henry Hazlitt, Economics in one lesson
A superb introduction to free market economics. Though written in the 1940s and updated in the 1970s, it is still of enormous value for understanding the economic problems we face... Read more
Published 6 months ago by featch60
an easy to read masterpiece...
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... Read more
Published 7 months ago by Gcrikey
Economy as the science of common sense.
Outstanding summary of classical economy, including common sense instead of graphs and tables. As happens with books that become classics it has lost nothing of its relevance... Read more
Published 7 months ago by V. H. Svoboda
A timeless classic without the politics
If you wanted a crash course in Economic theory, you could do far worse than read Henry Hazlitt's `economics in one lesson'. Read more
Published 8 months ago by Den
it IS that good
30+ years after the original publication, i can only find 1-2 points that do not hold true to this day. very clear language, to-the-point and most important of all: true
Published 15 months ago by asp
Best economics book ever
Best economics book I have ever read!
Every politician should be forced to read it before taking up their seat! Read more
Every politician should be forced to read it before taking up their seat! Read more
Published 15 months ago by Broccoli
Clear and unsentimental, but also simplistic and with little hope for...
This book presents the hard facts of economics in simple and accessible terms. It deserves to be read as a clear and unsentimental review of economic reality in a free market. Read more
Published on 24 April 2010 by Alastair Ross
One simple lesson
The authors who understand the subject really well are able to explain it in simple and easy to understand language. This is what I feel that this book is all about. Read more
Published on 15 Nov 2009 by Mariusz Skonieczny
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