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A review by shreyans800755
Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics by Henry Hazlitt
5.0
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.