5 of 9 people found the following review helpful
Some things are just ignored and it's not an introduction to economy at all,
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This review is from: Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics (Kindle Edition)
I can agree with most points, but for example in Chapter XI, when discussing that duty has a negative effect on the economy, because consumers would have to pay $5 less for a sweater that has no duty on it, thus they can spend that extra $5 on other things, that will add to the wealth; but where that $5 duty goes if it's collected, is entirely left out from the discussion.
This book is not an introduction to economics, or a "way to understand basic economics". It's only a criticism of the way of thinking of economists or the public.
It's overly wordy, but sometimes it leaves out the explanation of important bits.
After reading the first chapter you get the idea, it would be even enough to read the reviews here to get the points made in the book.
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Showing 1-4 of 4 posts in this discussion
Initial post: 8 Nov 2011 21:01:07 GMT
One star? Bit harsh, no?
Posted on 14 Nov 2011 14:42:52 GMT
The problem is that the government spends the $5 rather than the private individual. The spending is therefore less likely to be made in response to market information delivered through price signals, nor will it be invested (if it had been saved) in the most efficient project to increase future productivity. Mr Hazlitts point in my opinion is that as it is collected and spent through an inefficient government, where it is not subject to market efficiency forces makes it a less ideal outcome.
Finally your point that it is only a criticism of the way of thinking of economists is a bit odd. Henry Hazlitt is an economist, it differs from Keynesian economics, but differences of opinion between different schools is nothing new, least of all in economics.
It is THE primer for lay-people on economics. To say otherwise is misleading. Its a wonderful little book that opens up economic thought to the masses, and is more needed and more required today than it was when published.
Best regards in respectful disagreement
In reply to an earlier post on 18 Sep 2012 10:30:41 BDT
Badger O Stripey One says:
What a wonderful reply! Civilised and entirely convincing! I would have been quite rude.
(memo to me: remember this next time)
In reply to an earlier post on 13 Jan 2013 11:39:39 GMT
Last edited by the author on 13 Jan 2013 11:39:53 GMT
What a marvellous reply! I hope to take a leaf out of your book!
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