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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt
classical_learner's review against another edition
challenging
informative
reflective
fast-paced
4.75
Very comprehensive contemplation on the undergirding concepts of economics. Honestly surprised that I have not encountered this in my university classes for economics!
My central critique of Hazlitt is that, when discussing ideal policies, he at some points falls short of addressing the first and second welfare theorems and how arguments from Pareto optimality are just as important as conversations about efficiency. These ideas cannot be ignored in conversations about social desirability--competitive equilibria are too broad/minimal of a necessary precondition!
Moreover, I would have preferred a bit more precision in his use of the term "capitalism"--as someone who broadly agrees with the economic views of the author, "free market economics" is not only more descriptive but more flattering to the actual position Hazlitt defends. There is a reason that Karl Marx derogatorily branded free market economics as "capital-ism," and I think that Hazlitt both in his vernacular and argumentation at times accidentally puts himself in a vulnerable position to these critiques of hyper-focus on quantity supplied and quantity demanded. Moreover, although Hazlitt comments against it, some of his thought processes still reflect methodological individualism ("What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." ~ Adam Smith).
My central critique of Hazlitt is that, when discussing ideal policies, he at some points falls short of addressing the first and second welfare theorems and how arguments from Pareto optimality are just as important as conversations about efficiency. These ideas cannot be ignored in conversations about social desirability--competitive equilibria are too broad/minimal of a necessary precondition!
Moreover, I would have preferred a bit more precision in his use of the term "capitalism"--as someone who broadly agrees with the economic views of the author, "free market economics" is not only more descriptive but more flattering to the actual position Hazlitt defends. There is a reason that Karl Marx derogatorily branded free market economics as "capital-ism," and I think that Hazlitt both in his vernacular and argumentation at times accidentally puts himself in a vulnerable position to these critiques of hyper-focus on quantity supplied and quantity demanded. Moreover, although Hazlitt comments against it, some of his thought processes still reflect methodological individualism ("What is prudence in the conduct of every private family can scarce be folly in that of a great kingdom." ~ Adam Smith).
hazel1998's review against another edition
3.0
There are a few more lessons to be learnt. Don't stop at this book.
tomstbr's review against another edition
5.0
Mandatory reading! The book teaches a few basic lessons: there is no such thing as a free lunch, there are two sides to every coin, and always consider long term consequences. It then uses fiscal policies to demonstrate why these lessons are important. Mostly this is by showing that things like inflation, minimum wages and tariffs are, on the whole, bad, especially when used excessively. I don't think politicians have learned to much since the book was published. Sad!
cinnamonspy's review against another edition
informative
medium-paced
5.0
This is a very helpful basis for understanding economics.
f18's review against another edition
Was taking notes along with this and misplaced them so not sure how far I got. May pick it up again when I find them.
mwspencer75's review against another edition
slow-paced
2.5
The entire thesis is to look at the whole picture when making economic policy instead of just those who benefit. I was hoping the author would be intelligent enough to give me some unexpected insights. Instead he peals back the first layer of policy, gets stuck on the second layer that assumes we are all robots with equal opportunities and backgrounds, and fails to go any deeper. The author is no more intelligent than than Regannomics grandfather spewing unfounded ideas at the dinner table.
wooknight's review against another edition
5.0
An extraordinary book . Though it will take multiple readings to grasp . One wonders how could you add more wealth to a country if you could avoid inflation especially when new industries are constantly being created ( how does one account for innovation )
Similarly I don’t quite agree with the premise of public work , if anything some of our greatest technological innovations happen precisely because of public infrastructure ( the internet / phone networks / road networks / utility networks ) so need to re read
Similarly I don’t quite agree with the premise of public work , if anything some of our greatest technological innovations happen precisely because of public infrastructure ( the internet / phone networks / road networks / utility networks ) so need to re read
christianotieno's review against another edition
5.0
"What is prudence in the conduct of every private family, can be a folly in that of a great kingdom."
This book forms a perfectly good guide and introduction to dummies to the field of economics. Henry, throughout the book has tried to elaborately coin economics in general to be the science of recognizing secondary consequences and tracing of effects of some proposed or existing policy not only on some special interest in the short run but on general interest in the long run.
Divided into three parts: the lesson, the lesson applied and the lesson after a given period of time. (30 years). This book provides a basic understanding of economics to anyone who's a newbie in the field.
This book forms a perfectly good guide and introduction to dummies to the field of economics. Henry, throughout the book has tried to elaborately coin economics in general to be the science of recognizing secondary consequences and tracing of effects of some proposed or existing policy not only on some special interest in the short run but on general interest in the long run.
Divided into three parts: the lesson, the lesson applied and the lesson after a given period of time. (30 years). This book provides a basic understanding of economics to anyone who's a newbie in the field.