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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics, by Henry Hazlitt
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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.
- Sales Rank: #2307 in Books
- Brand: Three Rivers Press
- Published on: 1988-12-14
- Released on: 1988-12-14
- Original language: English
- Number of items: 1
- Dimensions: 8.00" h x .60" w x 5.10" l, .49 pounds
- Binding: Paperback
- 218 pages
- Great product!
Review
"A magnificent job of theoretical exposition."
—Ayn Rand
“I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.
If you simply read and comprehend these relatively short texts, you will know far more than most educated people about economics and government. You certainly will develop a far greater understanding of how supposedly benevolent government policies destroy prosperity. If you care about the future of this country, arm yourself with knowledge and fight back against economic ignorance. We disregard economics and history at our own peril.”
—Ron Paul, Representative from Texas
From the Inside Flap
A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy.
About the Author
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 important libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal text on free market economics, in 1946, bringing his ideas and those of the so-called Austrian School to the American scene. His work has influenced the likes of economist Ludwig von Mises, novelist and essayist Ayn Rand, and 2008 Libertarian Party Presidential nominee and congressman, Ron Paul. Hazlitt has been cited as one of the most influential literary critics and economic writers of his time.
Most helpful customer reviews
94 of 99 people found the following review helpful.
A life-changing (or at least mind-changing) book
By H. Clark
I read this book as a college grad fairly ignorant of economic matters. It completely changed my world view. Perhaps that sounds hyperbolic, but the common-sense lessons about human thought and action in this small, easily digestible book have materialized in virtually every aspect of my life, from the obvious, such as my views on political policy, to the obscure, such as my relationships and my satisfaction with my own choices. Hazlitt is never heavy-handed; he comes over as extremely objective because he doesn't need to convince anyone of his views. He is confident that anyone who takes the time to read, consider, and understand true economics would be hard-pressed to reject the logical conclusions he offers.
The book essentially springs from the premise that economic fallacy results from considering the effects of a policy or action only on a specific group or over a short period of time. From this he goes on to explain how such fallacies have invaded every single sphere of public policy. While before I vaguely opposed the idea of public works projects, tariffs, and welfare, I had no reasoning to back up my thoughts so I rarely expressed them. Hazlitt's book, instead of arming me with political doublespeak, provided me with the solid theory to truly understand why things that seem hard to argue against--kickbacks for hardworking but suffering farmers, for example-- are really counter productive. I recommend this book for people who hail from any economic class or political party; it won't offend you, and will do nothing but make you more informed and better equipped to understand the world around you.
0 of 0 people found the following review helpful.
Not Definitive, but Encourages Critical Thought
By J Dogg
Here's the deal--there is some really good stuff here, but it's all kind of dumbed down through a 1940's, libertarian lens. Now, before people are skeptical of this assessment, I want to state that I am pretty much 100% aligned with the underlying ideology--I'm a free-market, right-leaning, libertarian sort of guy.
I'm not an economist, but there were still a few problems that stood out to me:
1. International trade is viewed exclusively as a binary exchange between two countries. There was no discussion of "A trades to B trades to C trades to A". This was partially a product of the times (of original publication), and partially a serious omission. Why should the global economy be treated so much differently than an internal economy? Can we not have pluralistic trade?
2. The underlying theses of the author are also binary. In other words, the theories proposed work well if--and only if--money is *only* earned and spent. There is no discussion of saving large sums of money, positive taxation (taxation is presented as always a bad, bad thing), or use of funds for legitimate common purposes such as police, creation of roads, or public education. Both as an admittedly untrained economist and a too-much-tax-paying citizen, this seemed overly reductive.
These two critiques notwithstanding, the general ideology is not so bad. In other words, read this--with a critical eye--and don't take it as the gospel. It explains economics in basic terms, which in itself might be worth the price of admission for some. But don't take this work as a definitive, or even scholarly treatise on economics. It's an introduction--like the first year of law school, it's value is in how it encourages you to think. And it will do that.
0 of 0 people found the following review helpful.
many economic policies are about re-distributing wealth from one group to another
By Charles
This is the best economics book I have ever read. The book is not about various theories of macro-economics / micro-economics, but about using simple logic to reveal the essence of debate about many economic policies.
Most of this debate is political, is about the distribution and re-distribution of wealth; but their advocates often purposefully mask the underlying political reality and present only the bright of their proposal. People should know that many economic policies are about re-distributing wealth from one group to another. This book helps the uninitiated learn this fact.
Reading some one-star reviews will help you understand how great this book is.
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