- Paperback: 218 pages
- Publisher: Crown Business; paperback edition (December 14, 1988)
- Language: English
- ISBN-10: 0517548232
- ISBN-13: 978-0517548233
- Product Dimensions: 6.1 x 0.6 x 9 inches
- Shipping Weight: 6.4 ounces
- Average Customer Review: 4.6 out of 5 stars See all reviews (838 customer reviews)
- Amazon Best Sellers Rank: #5,953 in Books (See Top 100 in Books)
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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Paperback – Single Issue Magazine, December 14, 1988
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Hazlitt was a remarkably lucid writer, and this short book is justly regarded as a classic....But it comes across even better in Jeff Riggenbach's interpretation. Riggenbach has a knack for making routine discursive sentences come alive...he could be a college professor lecturing, the kind of lecturer who really can teach. He sounds reasonable, engaging and thoroughly likeable. --AudioFile
If there were a Nobel Prize for clear economic thinking, Mr. Hazlitt s book would be a worthy recipient...like a surgeon s scalpel, it cuts through...much nonsense that has been written in recent years about our economic ailments. --J. W. Hanes (former undersecretary of the treasury) --This text refers to an out of print or unavailable edition of this title.
From the Inside Flap
A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy. --This text refers to an out of print or unavailable edition of this title.
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For example, you can learn why the $15/hr min wage is bad, as was the $7.50/hr before it, and the $5/hr before that, ... and is it interesting reading, not loaded with boring theories and minutia.
The lesson is clear and concise. Whenever government creates an economic policy to aid a particular group, the long term effects on all groups must be considered. In short chapters free of technical economic jargon, Hazlitt explains how short term policies aimed at helping one group or another are damaging to other groups, and sometimes, even to the people the legislation is intended to help.
Everyone will have a favorite chapter or two. My own are his dissection of how the price system works in a free market system, and also, in less than six pages, an absolute devastation of the minimum wage mandate, a concept creating increased unemployment, higher costs and higher consumer prices. This is because this sort of government fiat disavows the economic truth that employees should be paid based on their own productivity. Hazlitt also points that out in his explanation that unions do not raise wages, the actual market rates for employees is the determining factor.
Underlying all of this, although unsaid, is the concept of human interaction as applied to economics, as developed by von Mises. But the complexity of that theory is too deep for Hazlitt's purposes of instruction on how macroeconomics works. And that is perfectly fine.
This is the book for everyone who wants to understand how markets work. Every legislator and every executive of any governmental body should read it, too. That however would put too much strain on most of them,for too many in the political class are concerned with their own continuous goal, staying entrenched in office. And that in itself tears sound economic policy to shreds, every day in every way.
In short, those interested in the inner working of Economics will not be disappointed in this book. You will learn something new or your mind will be opened up to new thoughts by the time you finish this book, you may even have a few Aha! moments.