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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
Classic work of libertarian economic theory that was recommended reading to me by the chair of the Econ Department at HCC. Despite being originally written more than 70 years ago (and updated 30 years later in the edition I read), most of the information presented about the global post-WWII economy has maintained its relevance. And unlike some classic works of economic theory, Hazlitt's writing style is very accessible and easy to follow. I didn't agree with everything that Hazlitt proposed, but found it to be a work that opened my eyes to different fields of thought.
This is the book that opened my eyes to economic thinking. I knew absolutely nothing of economics before I read this book. Now I'm more passionate about economics than about almost anything else. Very highly recommended.
funny
informative
fast-paced
I wish a lot of people would read this! It’s been around a long time and the logic and wisdom in it is solid. It’s definitely one I’ll add to my read again list and there aren’t many books on that list.
informative
fast-paced
informative
medium-paced
challenging
informative
medium-paced
Assumptions and generalizations with little nuggets of insight and wisdom tucked in.
I closed out the 2016 reading year by finally finishing this one. It's available online free and I oddly happened upon it based upon an online interview with TV host Mike Rowe, who mentioned it as a good book for dispelling common economic myths.
And the book basically devotes each chapter to dispelling "myths", but they all come down to two things (for the most part):
1) mostly unregulated supply and demand are infinitely better at fine-tuning the market than any government intervention; and,
2) economics is nothing but trade-offs (there is no improvement--technical or ethical--that does not harm someone)
Some other interesting observations:
"The whole argument of this book may be summed up in the statement that in studying the effects of any given economic proposal we must race not merely the results but the results in the long run, not merely the primary consequences but the secondary consequences, and not merely the effects on some special group but the effects on everyone." (well, that's simple, let's lace up our Nikes and "Just do it!")
"... it is just as essential for the health of a dynamic economy that dying industries should be allowed to die as that growing industries should be allowed to grow."
"Each one of us, in brief, has a multiple economic personality. Each one of us is producer, taxpayer, consumer. The policies he advocates depend upon the particular aspect under which he thinks of himself at the moment."
"Almost the whole wealth of the modern world, nearly everything that distinguishes it from preindustrial world of the seventeenth century, consists of its accumulated capital."
And while I'd love to continue playing the amateur economist I have no business even pretending to be, I've got 3 fourteen year olds begging for New Year's Day donuts. So, I'll go add a little to the donut-makers' coffers and leave you with this final thought:
Like many other books on economics, much of this reads as if all things were equal... as if life were an equation. But we don't live in a world like that and we now live with corporations that can literally scour the globe for the environment or people who are most easily exploited. That, and life is about more than simply trade, so we do need artificial protections, interjections, and regulations that will always be clumsy and constantly need review/tweaking as the needs and wants of the people change.
Happy New Year!
And the book basically devotes each chapter to dispelling "myths", but they all come down to two things (for the most part):
1) mostly unregulated supply and demand are infinitely better at fine-tuning the market than any government intervention; and,
2) economics is nothing but trade-offs (there is no improvement--technical or ethical--that does not harm someone)
Some other interesting observations:
"The whole argument of this book may be summed up in the statement that in studying the effects of any given economic proposal we must race not merely the results but the results in the long run, not merely the primary consequences but the secondary consequences, and not merely the effects on some special group but the effects on everyone." (well, that's simple, let's lace up our Nikes and "Just do it!")
"... it is just as essential for the health of a dynamic economy that dying industries should be allowed to die as that growing industries should be allowed to grow."
"Each one of us, in brief, has a multiple economic personality. Each one of us is producer, taxpayer, consumer. The policies he advocates depend upon the particular aspect under which he thinks of himself at the moment."
"Almost the whole wealth of the modern world, nearly everything that distinguishes it from preindustrial world of the seventeenth century, consists of its accumulated capital."
And while I'd love to continue playing the amateur economist I have no business even pretending to be, I've got 3 fourteen year olds begging for New Year's Day donuts. So, I'll go add a little to the donut-makers' coffers and leave you with this final thought:
Like many other books on economics, much of this reads as if all things were equal... as if life were an equation. But we don't live in a world like that and we now live with corporations that can literally scour the globe for the environment or people who are most easily exploited. That, and life is about more than simply trade, so we do need artificial protections, interjections, and regulations that will always be clumsy and constantly need review/tweaking as the needs and wants of the people change.
Happy New Year!
This was an interesting book, and a good primer on conservative economics. I didn't necessarily agree with all of the author's thoughts; I am someone who feels the good of the people as a whole outweighs costs to business/government. However, I am glad that I read it and I look forward to reading more books, that go more in depth into economics in the future.