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Economics in One Lesson: 50th Anniversary Edition Paperback – September 25, 2008
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From Library Journal
This 50th-anniversary edition of Hazlitt's million-selling volume has been updated to include current statistics and an introduction by presidential aspirant Steve Forbes. This lay reader's guide has a place in all collections.
Copyright 1996 Reed Business Information, Inc. --This text refers to an out of print or unavailable edition of this title.
Henry Hazlitt's explanation of how a price system works is a true classic: timeless, correct, painlessly instructive. --Milton Friedman<br /><br />It is a brillant performance. It says precisely the things which need most saying and says them with rare courage and integrity. I know of no other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time. --F. A. Hayek
Henry Hazlitt's explanation of how a price system works is a true classic: timeless, correct, painlessly instructive. --Milton Friedman
Top customer reviews
According to the prevalent economic wisdom today, the typhoon Haiyan, having caused a lot of DESTRUCTION, should nonetheless be considered a BLESSING. It will set "miracles of production" in motion, leading to economic growth.
But is it really so?
Of course not. How could it possibly be? It makes no sense. To explain it economically, we have to discern need from demand. Yes, there will be a need to rebuild the houses, the roads, the schools, the airports and everything else that was leveled to the ground. But NEED IS NOT NECESSARILY A DEMAND! A real demand requires corresponding PURCHASING POWER - the accumulated savings and capital!
If there is a purchasing power, what a destruction like this mainly does is that it diverts the economic activity from place A to place B. It changes the structure of an economy, the balance of industries. If there is no purchasing power, the country can either borrow the funds or print new money. Both options are costly though. The former means the sacrifice tomorrow to repay the debt. The latter, well, besides being immoral, is not even a (real) solution!
The "BLESSINGS OF DESTRUCTION" is only ONE OF THE MANY ECONOMIC FALLACIES that Henry Hazlitt refutes in his book 'Economics in one lesson.' He does so in a clear and simple way. Though first written 67 years ago, it is as timely today as it can get.
The "general lesson" you are expected to learn is this: Given a policy, you need to look at the long-term effects (not only immediate ones), indirect consequences (not only direct ones), and the impact of the policy on all groups of people (not only one of them).
If you became interested in the "AUSTRIAN ECONOMICS" - the alternative to the Keynesian economics of the 20th century, the alternative to fiat paper money system and ever-growing government, the alternative to the crony capitalism in which profits are privatized and losses are socialized, the alternative whose voice has been suppressed by the "Holy Trinity" (Government, Universities, Wall Street) - this book is not only A MUST READ, but also a good place to start.
Also, I lied in my tag line - nobody actually wins debates using logic. This book will only make you more sure of your convictions on the inside.