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Economics in one lesson (Manor books, inc) Unknown Binding – 1975

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Product details

  • Unknown Binding: 143 pages
  • Publisher: Campus Conservative Packs (1975)
  • Language: English
  • ASIN: B0006XM9NW
  • Product Dimensions: 17.3 x 10.7 x 1.3 cm
  • Average Customer Review: 4.6 out of 5 stars  See all reviews (43 customer reviews)
  • Amazon Bestsellers Rank: 6,818,151 in Books (See Top 100 in Books)

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First Sentence
ECONOMICS IS HAUNTED by more fallacies than any other study known to man. Read the first page
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Front Cover | Copyright | Table of Contents | Excerpt | Index
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Customer Reviews

4.6 out of 5 stars

Most Helpful Customer Reviews

65 of 68 people found the following review helpful By Sébastien Pétain on 7 Jun. 2006
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.
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9 of 9 people found the following review helpful By Mariusz Skonieczny on 15 Nov. 2009
Format: Paperback
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. The author explains the economy in one lesson: policies should take into consideration the long-term consequences as well as short-term, and they should consider the effects on all groups, not just few. Wow, so simple, but unfortunately this is not how our policy makers think.

I think that high school students should read this book before they enroll in economic courses that bore them to death with all the graphs and mathematical calculations. I really appreciate that this book is simple but to the point - even junior high school students would understand it. I highly recommend it.

- Mariusz Skonieczny, author of Why Are We So Clueless about the Stock Market? Learn how to invest your money, how to pick stocks, and how to make money in the stock market
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4 of 4 people found the following review helpful By Den on 10 Sept. 2011
Format: Paperback
If you wanted a crash course in Economic theory, you could do far worse than read Henry Hazlitt's `economics in one lesson'. The writing is an easy style that requires no previous training in economics, it is divided in to easily digested chapters covering a particular economic fallacy and correction, with each following chapter building upon its' predecessor.
This is very much from the Austrian economics branch, with a certain theme of more liberty and less Government being a key concept, but unlike say Paul Krugman, Hazlitt does not come down heavy on the politics, preferring empiricism over political ideologies. Hazlitt is able to succinctly tell us why things are the way they are, rather than the tired `if the world were a fair place' brand of left thinking economists.
A key ingredient in this book is in training the layman to think the way a good economist would think about things. For example while most people will applaud Governments that create jobs for people to get them off the dole queue, Hazlitt asks us to look beyond the obvious to the domino effect that Governments creating unnecessary jobs are doing. In this case if the Government creates a job that could or is being provided by the private sector, for each job created and paid for by taxpayers' money, someone in the private sector is no longer filling that job role. If they are no longer employed they are on the dole queue and not contributing to the false job recently created by central Government and over the long term this is entirely infeasible, costly and unproductive waste of tax payers cash. There are many more examples littered throughout the book that make you think differently to the norm, it makes you think like an economist, or at least a good economist.
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2 of 2 people found the following review helpful By AD Coker on 3 Nov. 2013
Format: Paperback
First published in 1946, Hazlitt's slim volume is an all-out attack on Keynesian macroeconomic theory in general and President Franklin D Roosevelt's 'New Deal' interventionist policies in particular. In essence his 'one lesson' has two strands:

* Politicians and economists should consider the long term effects of an act or proposal rather than just the immediate effects.

* Politicians and economists should consider the effects of an act or proposal on all sectors of society rather than just on the particular group(s) that the act or proposal is designed to assist.

Hazlitt's thesis is that state intervention in any particular sector of the economy - to protect its viability, to protect it from foreign competition, to reduce unemployment etc. - is almost always wrong-headed and damaging to the economy as a whole. He accepts that a certain amount of government spending (and therefore taxation) is necessary to perform essential government functions (the legislature and the judiciary; defence, police, fire, coast guard and other emergency services; and a certain amount of public works, including some communication infrastructure); but he is adamantly opposed to a bloated, free-spending public sector.

It is self-evident that the private sector is the one that creates wealth (which Hazlitt measures in terms of goods and services created and not in terms of money) and that the public sector merely consumes wealth; ergo, the larger the public sector and public spending, the poorer the country as a whole.

Hazlitt discusses a range of `economic fallacies' to attack a variety of economic policies that are applied from time to time, or persistently, almost universally.
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