Economics in One Lesson
First edition
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| Author | Henry Hazlitt |
|---|---|
| Country | United States |
| Language | English |
| Subject | Economics |
| Publisher | Harper & Brothers |
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Publication date
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1946 |
| Pages | 218 |
| ISBN | |
| OCLC | 167574 |
Economics in One Lesson is an introduction to free market economics written by Henry Hazlitt and first published in 1946. It is based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen").
The "One Lesson" is stated in Part One of the book:
The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.
Part Two consists of twenty-four chapters, each demonstrating the lesson by tracing the effects of one common economic belief, and exposing common economic belief as a series of fallacies.
Among its policy recommendations are the advocacy of free trade, an opposition to price controls, an opposition to monetary inflation, and an opposition to stimulative governmental expenditures:
There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: 'In the long run we are all dead.' And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.
“Those who wish to ponder the policy implications of the Austrian view at greater length can't do better than picking up a copy of Henry Hazlitt's Economics in One Lesson. Hazlitt is one of the finest writers ever to tackle economic issues. In this book, inspired by Bastiat's conception of the seen and unseen aspects of policy, he examines a wide variety of economic interventions.” — Gene Callahan
“Henry Hazlitt’s explanation of how a price system works is a true classic: timeless, correct, painlessly instructive.” — Milton Friedman
“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
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