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cyranoreads 's review for:
Economics in One Lesson
by Henry Hazlitt
“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.