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4.6 out of 5 stars45
4.6 out of 5 stars
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on 13 May 2013
Arrived on time and was in excellent condition ... I am enjoying the lesson in Economics and am now understanding it, something I was told I wasn't intelligent enough to understand. I now realise I knew more than that person... :)
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on 3 March 2011
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
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on 24 December 2009
I studied economics for two years at A level, but my economics education really started when I discovered this book.

Economics in One Lesson is based on That Which Is Seen and That Which Is Not Seen, and in particular, a specific famous insight in Bastiat's essay, known as "The Broken Window Fallacy". This is the idea that a breaker of a window (or any other economic resource) should be praised because his destruction has actually spurred increased economic activity (for the glazier, his baker, butcher etc.). This is false because it ignores the other side of the "transaction". If the citizen whose window was broken wasn't broken, they would have spent the money elsewhere, and the exact same amount of economic activity would have occurred, albeit in slightly different spheres -- to boot, of course, society would be one window richer. Thus the destruction actually destroys economic wealth.

Hazlitt applies this to various socialist/interventionist policies (or proposed policies) of his day, and shows how these all actually reduce society's total wealth. Although this book wasn't written contemporaneously, all Hazlitt's analysis is extremely relevant today.

In short, I think everyone should read this book.

Other similar recommended books:

Economics for Real People: An Introduction to the Austrian School
The Politically Incorrect Guide to Capitalism (Politically Incorrect Guides)
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on 1 June 2013
This is the book that debunks all the Keynesian nonsense that has damaged the advanced western economies. It provides a lucid explanation of basic economics through one basic lesson - when considering what economic policy to pursue it is vital to consider not just what is seen - i.e. the obvious consequences of that policy - but also what is not seen. This is sometimes known as the 'broken window fallacy' first set out by the eminent 19th century French economist Bastiat. We see versions of this still cropping up today - even by Nobel prize winning economists who claim that such things as disasters (natural or man made) can be good for the economy by providing work for reconstruction. The idea that destruction of things that are not obsolete is a good thing could only be believed by an academic economist.
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on 9 June 2013
Although it was written half a century ago, its language is fresher than most contemporary works. Hazlitt explains common economic fallacies in simple terms that are clear, quantitative, yet require no more mathematics than the ability to add and subtract. Essential reading.
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on 22 June 2014
I liked this book a lot. It's very straight forward, well explained, and makes a great book on economics. The chapters are each an area of different discussion, ie. Rent Control, Tariffs, Tade, Wages etc, so you can read a chapter at a time. It is for capitalists though.
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on 20 December 2013
Despite gross simplifications, makes the essence of economic policy making crystal clear. Direct, amusing style. Some would dismiss it as economics for 5 year olds, but I think it is definitely worth a read. Makes you think, should you really choose to.
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on 15 February 2016
All the arguments set out in plain language. All the common fallacies demolished, comprehensively, one at a time. Crystal clear case for free markets. If you can ill afford the time to read about economics be sure to read this one slim volume at least.
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on 18 September 2014
Very good book with the most basic economic problems well explained in very simple words. I highly recommend this for both beginners in the field as well as those who searches for a greater insights into macroeconomics
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on 14 August 2014
Really enjoyed this book, easy to read as you don't need to have studied economics to fully understand his 'lesson'. You may not agree with everything he says in the book but his arguments are interesting and persuasive. I think this should be compulsory reading for every politician with a test at the end to see if they understand it. Perhaps then they will understand, that being in debt is bad, being in credit is good. Or, as the old saying goes, Income £1, spending 99p (happiness), spending £1.01 (misery). Even if you are a follower of Keynesian economics this book will give you something to think about. What surprised me was although written a long time ago it is still relevant to the economics of today.
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