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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
challenging
informative
slow-paced
4.5 Stars
This is the first-ever book on economics that I have ever read, and I thoroughly enjoyed it. The mastery in Hazlitt's book is his simple explanation of economics, specifically the fundamentals of classical economics. His central thesis is that good economics considers the full range of an economic policies' consequences, rather than its immediate or temporary consequences. As you travel through numerous economic issues throughout the book Hazlitt explains things in a way that makes you say, "well that makes sense". But at the same time Hazlitt's book will scare you because many of the economic fallacies that Hazlitt deconstructs are many of the economic policies that run our country today. I think this book is a great place to start to get a basic understanding of economics and to grow in wisdom and understanding.
This is the first-ever book on economics that I have ever read, and I thoroughly enjoyed it. The mastery in Hazlitt's book is his simple explanation of economics, specifically the fundamentals of classical economics. His central thesis is that good economics considers the full range of an economic policies' consequences, rather than its immediate or temporary consequences. As you travel through numerous economic issues throughout the book Hazlitt explains things in a way that makes you say, "well that makes sense". But at the same time Hazlitt's book will scare you because many of the economic fallacies that Hazlitt deconstructs are many of the economic policies that run our country today. I think this book is a great place to start to get a basic understanding of economics and to grow in wisdom and understanding.
As someone whose strength is not in mathematics or numbers, I really appreciated the way this book presented how a free economy could work. It was easy to understand and I never felt like I was in over my head. I'd recommend this to anyone looking to learn a little more about how an economy should function and the fallacies we believe that keep it from running as such.
One of the best books explaining various fallacies seen in our society because of the economical and political situations in all the countries regardless of whether its capitalism, socialism, communism or any combinations of these.
It goes through various types of government interventions or schemes introduced with the purpose of redistribution of the wealth from rich to poor, social security, unemployment benefits, restrictions on imports/exports, minimum wages, price fixing to higher/lower than free market would have dictated or any other types of obstructions - are always working against its purpose when considered in the long run along side when one considers "The Forgotton Man" who is supposedly paying for those benefits via various means like taxes, inflation or anything else which decreases his/her purchasing power.
It basically explains that whenever government intervenus on its own or under any group's political pressure and changes the balance of the free market, it always leads to less production. It busts the myth that money and wealth are different things. Money is just a way to exchange what one produces for what one consumes. Wealth is in fact the purchasing power of that money. And to increase wealth, market has to be working with utmost freedom and aim must be improve the production lines. The cheaper it is produce, the cheaper it will be consume and hence the standard of living will improve.
One of the main emphasis is on the relationship between wages (labor costs), price and profits. And that advantage to one specific group must come at a cost, however minimal it may be, to all the other groups. So, restricting one of the things from wages, price or profits always changs the balance and brings crises along with it.
The role of the government must be encourage free market and just put it at a point where force and fraud are prohibited.
This also helps on the personal level. Now, one shouldn't be asking for higher wages, but rather be looking for ways by he/she can make more profits to the employer so that those profits can be shared with him/her.
It goes through various types of government interventions or schemes introduced with the purpose of redistribution of the wealth from rich to poor, social security, unemployment benefits, restrictions on imports/exports, minimum wages, price fixing to higher/lower than free market would have dictated or any other types of obstructions - are always working against its purpose when considered in the long run along side when one considers "The Forgotton Man" who is supposedly paying for those benefits via various means like taxes, inflation or anything else which decreases his/her purchasing power.
It basically explains that whenever government intervenus on its own or under any group's political pressure and changes the balance of the free market, it always leads to less production. It busts the myth that money and wealth are different things. Money is just a way to exchange what one produces for what one consumes. Wealth is in fact the purchasing power of that money. And to increase wealth, market has to be working with utmost freedom and aim must be improve the production lines. The cheaper it is produce, the cheaper it will be consume and hence the standard of living will improve.
One of the main emphasis is on the relationship between wages (labor costs), price and profits. And that advantage to one specific group must come at a cost, however minimal it may be, to all the other groups. So, restricting one of the things from wages, price or profits always changs the balance and brings crises along with it.
The role of the government must be encourage free market and just put it at a point where force and fraud are prohibited.
This also helps on the personal level. Now, one shouldn't be asking for higher wages, but rather be looking for ways by he/she can make more profits to the employer so that those profits can be shared with him/her.
I’d suggest a better title for this book to be “Libertarian Economics in One Lesson”. This book does contain some great explanations at how the market system works, but it is also chock full of libertarian propaganda to say the least. My edition has endorsements from Ayn Rand and Ron Paul so you totally know what you’re getting into when you read it. The bias is also clear in the way Hazlitt refers to those who disagree with him (e.g. “the economically illiterate”)
I really enjoy it for its simplicity. It explains free-market theories well and concisely. Hazlitt beats over your head the idea that nothing in an economy happens in isolation, which is true and essential understanding for economics. However, by the second half of the book all arguments are predictable and repetitive.
One problem I had with this book, that I find all too common in economics in general, is the exclusive use of he/him pronouns when referring to agents in literally made up examples. Ignoring that women are both consumers and producers is a typical fallacy in economics, even in relatively newer works, such as this one.
I really enjoy it for its simplicity. It explains free-market theories well and concisely. Hazlitt beats over your head the idea that nothing in an economy happens in isolation, which is true and essential understanding for economics. However, by the second half of the book all arguments are predictable and repetitive.
One problem I had with this book, that I find all too common in economics in general, is the exclusive use of he/him pronouns when referring to agents in literally made up examples. Ignoring that women are both consumers and producers is a typical fallacy in economics, even in relatively newer works, such as this one.
I listened to most of the audio book. I do think that it is still relevant to today, but it was a bit boring.
I originally gave it one star because it's full of so many of the "lessons," devoid of any historical or institutional context and any critical self-awareness, that right-libertarian trolls have in mind when they tell you to "Study economics!" Then I upgraded it to two because, even so, it's still less stupid than a column by John Stossel or Thomas Sowell or an FEE or FFF op-ed.
Overall Rating: 2.5/5 stars
DNF. Sorta boring and kind of contradictory.
DNF. Sorta boring and kind of contradictory.
You can knock out this informative little beauty in no time and gain so much from it in return. Sure, this is a simplistic view of some basic economics, but this book is a great introduction to some of the fundamentals. I would not stop at this one, but it is a great breaking in book. I recommend to anyone who cares about economics and philosophy.