Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Kindle Edition
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- Length: 220 pages
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- Publication Date : August 11, 2010
- File Size : 1979 KB
- Word Wise : Enabled
- Print Length : 220 pages
- Publisher : Currency (August 11, 2010)
- Language: : English
- Text-to-Speech : Enabled
- Enhanced Typesetting : Enabled
- ASIN : B003XT60KO
- X-Ray : Not Enabled
- Lending : Not Enabled
- Best Sellers Rank: #27,507 in Kindle Store (See Top 100 in Kindle Store)
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Top reviews from the United States
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If you have even a passing interest in Economics, pick up this book. You’ll be glad you did!
The LvMI is a staunch believer in libertarian thinking, supposedly, which is largely based on liberty and freedom for all people in all circumstance. The irony then, that they’re using manipulation tactics (used by all western crony capitalist) to rob me of my liberty and freedom to choose, and my $8.
Hazlitt’s (an LvMI scholar) takes pieces of truly great thinkers and twists and changes words to steer in his favor. His logic is illogical, his ideas do not make sense. So poorly thought out I couldn’t finish the book because I was becoming less intelligent with each chapter. This is manipulation marketing, nothing more. A product of western capitalism that circumvents true free market systems, which naturally births innovation and creation (also supposedly) with fair competition for the best products, and substitutes buying out competitors and conglomeration to fool us into thinking a product is best when in reality it’s simply the only product available. Flood the market with their agenda until it’s the only one available.
A libertarian special interest group that tramples liberty of the people and wants only liberty for big business. this does not make sense and is contrary to liberty.
How dumb do they think people are?
The best thing about the book is Hazlitt's reasoned address of life-cycle ramifications of spending decisions. No dry lectures on supply and demand or capital allocation. Hazlitt teaches these concepts through stories of common societal issues. He predicts outcomes through reasoned arguments. The reader can accept or reject Hazlitt's reasoning, but can't walk away uninformed by a different way of thinking. Hazlitt asks the reader to consider what happens next ... and next ... and next...when government (the taxpayer) deliberately inserts itself into a free market system. He drops a pebble in a still pond and gives a name to each ripple that radiates from the disturbance. Extrapolating, "Free" is just a pebble - it is the inevitable ripples that must be named and accepted with eyes (and history books) wide open if determined to proceed.
Hazlitt was a Libertarian and makes no apologies for his preference that government interfere in an economy only when the public good is incontrovertible. That said, he often acknowledges that it is legitimate to make exceptions. These acknowledgement always come with the exhortation that outcomes are reasonably predictable and interference in the natural process comes with peril that must be clearly understood and accounted for before proceeding. Accept his theses or not, you won't finish this book without an alternative understanding of long term effects of capital allocation decisions - public and private. An added benefit is that readers will gain some insight into why fiscal conservatives are so cranky all the time. Alternatively, cranky fiscal conservatives will get to exclaim: "See there!! I'm right!!"
On a personal note: I gave copies of this book to my children and nephews. During their working years, Gens X, Y (Millennial), and Z will most likely inherit an unimaginably swollen public debt. Their life experience so far is that the Keynesian "circle of government spending" cannot, by design, go off the rails. If it becomes a train wreck, I want those in my family to understand this different perspective of economic effects of government involvement in the life of a society. The Austrian school of economics used in Hazlitt's stories is not "The One Truth" some people assert, but it needs to be equally understood by those that, in their lifetime, will be left holding the bag.
Top reviews from other countries
If you believe that government is the answer to every problem then this isn't the book for you - you will disagree with something on almost every page. If you think our government is the problem then buy this now and you will be reassured to discover just how right you are.
One point just to make though is that despite the title this is not an introduction to economics for a beginner. Instead this is a summary of his frustrations with common economic proposals, so it's easier to read if you already have some economics under your belt.
Finally I'd mention that the author has some clear ideological views that he tries to push. A lot of this is because he repeatedly refutes arguments because they result in an inefficient economy, taking the view that a perfect world is one where every task is done by the person/country/company that can do that task most efficiently in terms of least capital, resources and personnel. This ignores two key points. Firstly, systems often have to sacrifice efficiency for robustness, and sometimes having inefficient local production subsidised in some way is useful as it is insurance against supply disruption. The other point is that at no point does he mention inequality as a factor. I'd think that there are many trade-offs where aggregate human happiness is greater with a smaller pie, more evenly shared, than a larger pie unequally divided.
Overall though a good book, and a nice quick read. Whether you think government involvement in the economy should be increased or reduced this is a good book to read, making the argument for limited government involvement in the economy clearly and concisely, against which the reader can form their own view.
I choose this rating because it explains the idea of `free market` which is in this case an economy in which government and bureaucrats creating it make as little amount of regulations as possible. In the beginning of the book author says that it is his intention to convey his message to as wide number of people as possible. That is why he decided to use every-day language in its simplest form. I think that he menage to do it. Thanks to the simplicity of the language I could understand his lesson.
In this book he gives numerous examples in which he shows government attempt to regulate an economy in the name of ..., to make it better and to improve the wellbeing of some groups of interest. He shows how those acts and policies often have unintended consequences which in many cases have derogatory effects on economy as a whole. He reminds as that as with many things there are two sides of the story, one negative and one positive.
If you read it then you will be able to notice deceptions and illusions which are created intentionally or not by bureaucrats and politicians and other economist.
It is a small refreshing book. In the end of the book you will be rewarded with a nice list of books to read.
Everyone can read it, and that is what makes this book amazing. It was pleasure to read it because.
If there is a common sense then this book is full of it. You will be surprised how insightful his observations are, just enough to convey the idea without loosing someone in detail.
Someone in reviews wrote that this book is not about economics. That person is wrong. It`s all about economics. It is about the world in which we live and our cooperation with each other in it. It shows how that cooperation can improve our lives or not, and what has positive or negative impact on it.