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151 reviews for:
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
Henry Hazlitt
3.75 AVERAGE
151 reviews for:
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
Henry Hazlitt
3.75 AVERAGE
DISCLAIMER: I did not finish this book. But, I do have my $.02 to put into it.
The bulk of it was very Economics 101, which i liked. If you're on the cusp of learning concepts like supply and demand, and the history of supply and demand, I'd recommend it. Somewhere along the road I lost interest, mainly due to the review complaints about it being focused on Austrian economics and philosophy-----Ok, I'll admit that was the straw that broke the camel's back.
As much as I wanted this book to align with my personal philosophies of finance, it started to lose credence in my mind once I realized how narrow a perspective it was. While it is basic, it is not necessarily 'accurate' in today's modern society, though shards of evidence in Hazlitt's book resonate with the current economic climate.
The bulk of it was very Economics 101, which i liked. If you're on the cusp of learning concepts like supply and demand, and the history of supply and demand, I'd recommend it. Somewhere along the road I lost interest, mainly due to the review complaints about it being focused on Austrian economics and philosophy-----Ok, I'll admit that was the straw that broke the camel's back.
As much as I wanted this book to align with my personal philosophies of finance, it started to lose credence in my mind once I realized how narrow a perspective it was. While it is basic, it is not necessarily 'accurate' in today's modern society, though shards of evidence in Hazlitt's book resonate with the current economic climate.
“To see the problem as a whole, and not in fragments: that is the goal of economic science.” – Henry Hazlitt
Upon rereading (and finishing this time), my admiration for this classic is renewed, and I better appreciate its repeated applications of its thesis in varying economic cases. Economics in One Lesson is a powerful and simple education about economics – because it teaches that the most important thing to grasp is not what is taught in economics classes, not economics per se, but rather the main tendency of error to which people fall in economics (due, I think, to constellations of cultural biases): “the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups." "The fallacy of overlooking secondary consequences.” When you understand this error and how it happens, you're set for seeing through all the popular economic fallacies in the news and political rhetoric, and for thinking much more clearly about economics and government policy.
Upon rereading (and finishing this time), my admiration for this classic is renewed, and I better appreciate its repeated applications of its thesis in varying economic cases. Economics in One Lesson is a powerful and simple education about economics – because it teaches that the most important thing to grasp is not what is taught in economics classes, not economics per se, but rather the main tendency of error to which people fall in economics (due, I think, to constellations of cultural biases): “the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups." "The fallacy of overlooking secondary consequences.” When you understand this error and how it happens, you're set for seeing through all the popular economic fallacies in the news and political rhetoric, and for thinking much more clearly about economics and government policy.
Didn't read the whole thing, but pretty easy to get the idea behind his argument after reading the first few chapters.
challenging
informative
medium-paced
"Economics in One Lesson" by Henry Hazlitt is a timeless and accessible exploration of economic principles that has resonated with readers since its publication in 1946. Hazlitt's goal is to distill economic insights into a single lesson that can be easily understood by both experts and laypeople alike. The book serves as an introduction to the fundamentals of economics, offering a clear and concise framework for analyzing economic policies and their consequences.
The core lesson advocated by Hazlitt is the importance of looking beyond the immediate and visible effects of an economic policy to consider its long-term and often less obvious consequences. He uses the metaphor of the broken window to illustrate this lesson: while it may appear that breaking a window stimulates economic activity for the window repairman, the true economic impact must also account for the lost opportunities that could have arisen had the window not been broken in the first place.
Hazlitt applies this principle across a wide range of economic issues, dissecting common fallacies and misconceptions. One notable example is the fallacy of the "broken window," where Hazlitt critiques the idea that destruction or war can be economically beneficial due to subsequent rebuilding efforts. He emphasizes the importance of understanding opportunity costs and the unseen consequences of such destruction, ultimately arguing for policies that promote wealth creation rather than mere redistribution.
Another significant theme is Hazlitt's critique of the "curse of machinery," a fallacy that arises from a failure to recognize the overall benefits of technological progress. He argues that the fear of job displacement due to automation is misguided, as advancements in technology ultimately lead to increased productivity, lower costs, and higher standards of living for society as a whole.
The book also addresses the fallacy of the "displacement of labor" by foreign trade. Hazlitt argues against protectionist policies, illustrating how restrictions on international trade can harm domestic consumers by limiting their access to cheaper and more efficient foreign goods. He emphasizes the importance of recognizing the broader consequences of trade policies, particularly in terms of economic efficiency and overall prosperity.
Hazlitt dedicates a section to the fallacy of government spending as a panacea for economic woes. He critiques the idea that public works projects can stimulate the economy without considering the source of the funds, highlighting the role of taxation and the potential crowding out of private investment. Hazlitt argues for fiscal responsibility and warns against the illusion that government spending can create sustainable economic growth.
Throughout the book, Hazlitt addresses various economic fallacies related to price controls, inflation, and the role of government in the economy. He consistently urges readers to look beyond immediate and visible effects, encouraging a more comprehensive understanding of the long-term consequences of economic policies.
In summary, "Economics in One Lesson" is a foundational work that continues to serve as a valuable primer on economic principles. Hazlitt's lucid and engaging style, coupled with his focus on the enduring lesson of considering the unseen consequences of economic actions, makes the book accessible and relevant for readers of all levels of economic expertise. The enduring relevance of the lessons in this book solidifies its place as a classic in the field of economics, offering valuable insights into the complexities of economic decision-making.
The core lesson advocated by Hazlitt is the importance of looking beyond the immediate and visible effects of an economic policy to consider its long-term and often less obvious consequences. He uses the metaphor of the broken window to illustrate this lesson: while it may appear that breaking a window stimulates economic activity for the window repairman, the true economic impact must also account for the lost opportunities that could have arisen had the window not been broken in the first place.
Hazlitt applies this principle across a wide range of economic issues, dissecting common fallacies and misconceptions. One notable example is the fallacy of the "broken window," where Hazlitt critiques the idea that destruction or war can be economically beneficial due to subsequent rebuilding efforts. He emphasizes the importance of understanding opportunity costs and the unseen consequences of such destruction, ultimately arguing for policies that promote wealth creation rather than mere redistribution.
Another significant theme is Hazlitt's critique of the "curse of machinery," a fallacy that arises from a failure to recognize the overall benefits of technological progress. He argues that the fear of job displacement due to automation is misguided, as advancements in technology ultimately lead to increased productivity, lower costs, and higher standards of living for society as a whole.
The book also addresses the fallacy of the "displacement of labor" by foreign trade. Hazlitt argues against protectionist policies, illustrating how restrictions on international trade can harm domestic consumers by limiting their access to cheaper and more efficient foreign goods. He emphasizes the importance of recognizing the broader consequences of trade policies, particularly in terms of economic efficiency and overall prosperity.
Hazlitt dedicates a section to the fallacy of government spending as a panacea for economic woes. He critiques the idea that public works projects can stimulate the economy without considering the source of the funds, highlighting the role of taxation and the potential crowding out of private investment. Hazlitt argues for fiscal responsibility and warns against the illusion that government spending can create sustainable economic growth.
Throughout the book, Hazlitt addresses various economic fallacies related to price controls, inflation, and the role of government in the economy. He consistently urges readers to look beyond immediate and visible effects, encouraging a more comprehensive understanding of the long-term consequences of economic policies.
In summary, "Economics in One Lesson" is a foundational work that continues to serve as a valuable primer on economic principles. Hazlitt's lucid and engaging style, coupled with his focus on the enduring lesson of considering the unseen consequences of economic actions, makes the book accessible and relevant for readers of all levels of economic expertise. The enduring relevance of the lessons in this book solidifies its place as a classic in the field of economics, offering valuable insights into the complexities of economic decision-making.
challenging
informative
reflective
medium-paced
Excellent intro to economics that shows how government intervention is generally a bad thing. There is a lot of repetition which is good for hammering the point home but can get tedious at times. Highly recommended and still very relevant unfortunately.
Very enjoyable intro text to economics from a free market perspective. The book is centered around a simple premise - sound economic reasoning is the practice of thinking past the first order effects of a given policy to understand its full implications. The author comes back to this piece of wisdom time and time again when covering various topics such as the mechanization of labor (first order effect: people are put out of work in the positions which are mechanized. second order effect: production is increased and new jobs/industries are made).
The author Henry Hazlitt background was as a journalist, not an economist. This comes through in his fluid and easy to understand writing, fleshing out concepts via text rather than graphs or equations. The only criticism I have of this book is that at times the author comes off as an ideologue seeing all things through a libertarian prism. I took some of the things he said with a grain of salt because of this, but overall this was a great read covering some key economic concepts in clear prose.
The author Henry Hazlitt background was as a journalist, not an economist. This comes through in his fluid and easy to understand writing, fleshing out concepts via text rather than graphs or equations. The only criticism I have of this book is that at times the author comes off as an ideologue seeing all things through a libertarian prism. I took some of the things he said with a grain of salt because of this, but overall this was a great read covering some key economic concepts in clear prose.
Full of rhetoric, with very little reasoning to back up the author's opinions. There is nothing to be learnt about economics from this book. Avoid.
I'm pretty liberal, so I wanted to hear a conservative perspective on capitalism. I think this does a great job of highlighting an important principle: that every economic intervention favors some and hurts others. I agree with a lot of his arguments. But I think he ignores a lot of important facts, and makes a lot of assumptions.
(1) He assumes agents in the economy have perfect information and will make the best decision for their own self interests
(2) He ignores harm to the environment
(3) He assumes taking from one group to give to another is always bad
(4) He lived during a time in the U.S. where income inequality was much less extreme, which colors his ideas about fairness
(1) He assumes agents in the economy have perfect information and will make the best decision for their own self interests
(2) He ignores harm to the environment
(3) He assumes taking from one group to give to another is always bad
(4) He lived during a time in the U.S. where income inequality was much less extreme, which colors his ideas about fairness
informative
slow-paced