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on 23 November 2013
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.
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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 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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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 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 13 January 2015
remarkably easy to follow and understand. a great book and one which, when you have read it, you can remember most of what it tells you.
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on 3 June 2014
Although this book was first published many decades ago, its message is just as applicable today, as we don't seem to be learning the lessons of the past. It is a fascinating account of how capitalism works and the unintended but highly predictable consequences of central planning and market intervention. I thoroughly recommend it.
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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 12 December 2013
A clearly and elegantly written view of how the economy works and how, over a (very) long period, successive government administrations have meddled with the market place, generally to the detriment of the societies (mainly the US and the UK) where they hold power.
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