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Henry Hazlitt

Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Paperback – December 14, 1988

by Henry Hazlitt (Author)

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With over a million copies sold, Economics in One Lesson is an essential guide to the basics of economic theory. A fundamental influence on modern libertarianism, Hazlitt defends capitalism and the free market from economic myths that persist to this day.

Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.

Economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson every bit as relevant and valuable today as it has been since publication.

Print length

218 pages
Language

English
Publisher

Currency
Publication date

December 14, 1988
Dimensions

5.18 x 0.57 x 7.96 inches
ISBN-10

0517548232
ISBN-13

978-0517548233
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But need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
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Editorial Reviews

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"A magnificent job of theoretical exposition."

—Ayn Rand

“I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.
If you simply read and comprehend these relatively short texts, you will know far more than most educated people about economics and government. You certainly will develop a far greater understanding of how supposedly benevolent government policies destroy prosperity. If you care about the future of this country, arm yourself with knowledge and fight back against economic ignorance. We disregard economics and history at our own peril.”

—Ron Paul, Representative from Texas

From the Inside Flap

A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy.

About the Author

Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an important libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal text on free market economics, in 1946, bringing his ideas and those of the so-called Austrian School to the American scene. His work has influenced the likes of economist Ludwig von Mises, novelist and essayist Ayn Rand, and 2008 Libertarian Party Presidential nominee and congressman, Ron Paul. Hazlitt has been cited as one of the most influential literary critics and economic writers of his time.

Excerpt. © Reprinted by permission. All rights reserved.

Chapter 1

THE LESSON

Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine—the special pleading of selfish interests. While every group has certain economic interests identical with those of all groups, every group has also, as we shall see, interests antagonistic to those of all other groups. While certain public policies would in the long run benefit everybody, other policies would benefit one group only at the expense of all other groups. The group that would benefit by such policies, having such a direct interest in them, will argue for them plausibly and persistently. It will hire the best buyable minds to devote their whole time to presenting its case. And it will finally either convince the general public that its case is sound, or so befuddle it that clear thinking on the subject becomes next to impossible.

In addition to these endless pleadings of self-interest, there is a second main factor that spawns new economic fallacies every day. This is 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. It is the fallacy of overlooking secondary consequences.

In this lies the whole difference between good economics and bad. The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economist sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups.

The distinction may seem obvious. The precaution of looking for all the consequences of a given policy to everyone may seem elementary. Doesn’t everybody know, in his personal life, that there are all sorts of indulgences delightful at the moment but disastrous in the end? Doesn’t every little boy know that if he eats enough candy he will get sick? Doesn’t the fellow who gets drunk know that he will wake up next morning with a ghastly stomach and a horrible head? Doesn’t the dipsomaniac know that he is ruining his liver and shortening his life? Doesn’t the Don Juan know that he is letting himself in for every sort of risk, from blackmail to disease? Finally, to bring it to the economic though still personal realm, do not the idler and the spendthrift know, even in the midst of their glorious fling, that they are heading for a future of debt and poverty?

Yet when we enter the field of public economics, these elementary truths are ignored. There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: “In the long run we are all dead.” And such shallow wisecracks pass as devastating epigrams and the ripest wisdom.

But the tragedy is that, on the contrary, we are already suffering the long-run consequences of the policies of the remote or recent past. Today is already the tomorrow which the bad economist yesterday urged us to ignore. The long-run consequences of some economic policies may become evident in a few months. Others may not become evident for several years. Still others may not become evident for decades. But in every case those long-run consequences are contained in the policy as surely as the hen was in the egg, the flower in the seed.

From this aspect, therefore, the whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Product details

Publisher ‏ : ‎ Currency; paperback edition (December 14, 1988)
Language ‏ : ‎ English
Paperback ‏ : ‎ 218 pages
ISBN-10 ‏ : ‎ 0517548232
ISBN-13 ‏ : ‎ 978-0517548233
Item Weight ‏ : ‎ 6.7 ounces
Dimensions ‏ : ‎ 5.18 x 0.57 x 7.96 inches

Best Sellers Rank: #10,154 in Books (See Top 100 in Books)
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Henry Hazlitt

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Henry Stuart Hazlitt (November 28, 1894 – July 9, 1993) was an American journalist who wrote about business and economics for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times. He is widely cited in both libertarian and conservative circles.

Bio from Wikipedia, the free encyclopedia. Photo by Mises Institute (Released by the Mises Institute) [CC BY 3.0 (http://creativecommons.org/licenses/by/3.0)], via Wikimedia Commons.

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Huckleberry Finn

Great Book, clear and concise!

Reviewed in the United States 🇺🇸 on May 3, 2023

Verified Purchase

"Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics" by Henry Hazlitt is a classic book that presents a clear and concise introduction to the principles of economics. The book has remained relevant since its publication in 1946 and has been widely regarded as a must-read for anyone seeking to understand economics.

Hazlitt's writing style is straightforward and engaging, with a focus on practical examples and applications. He uses real-world scenarios to illustrate economic principles and make the material more accessible to readers. The author's extensive knowledge of economics is evident in his writing, as he provides valuable insights and explanations that are easy to understand.

The book covers a range of topics, including the fallacies of government intervention, the dangers of inflation, and the benefits of free trade. Hazlitt presents a clear argument for the importance of economic freedom and the role of markets in promoting prosperity.

One of the book's unique aspects is its focus on the "broken window fallacy," which is the idea that destruction can create economic growth. Hazlitt uses this example to illustrate the importance of considering the unseen consequences of economic policies.

The book is highly effective in teaching the subject matter, and readers will benefit from the author's extensive knowledge and practical advice. The explanations are clear and concise, and the use of examples makes the material more accessible to readers.

One area where the book could be improved is in its focus on a free-market perspective. While this perspective is important, the book could benefit from a more balanced approach that considers the role of government in promoting economic growth and stability.

Overall, "Economics in One Lesson" is an excellent resource for anyone seeking to understand the principles of economics. The book is accessible to readers of all levels and provides valuable insights into the role of markets and government in promoting economic prosperity. I highly recommend this book to anyone interested in understanding economics and its impact on our daily lives.

Helpful

T

A scary picture even before the administrative state got on steroids

Reviewed in the United States 🇺🇸 on April 10, 2023

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Very good book and pretty short, concise. Slightly misleading title, I doubt intentionally, but not really an Econ 101. Which are typically full of unquestioned Keynsian fallacies anyway. This combines a partial version of intro Econ with a synopsis of Keynsian & related fallacies, the harm they cause & how, and how they trample our supposedly guaranteed & protected liberties. In essence, it shows how & why free markets are almost always far more reliable and efficient, without trampling individual rights, than government interventions to solve economic "problems," which often aren't even actual problems for the general populace. And how those government interferences almost always become cancerous growths and keep adding greater harm to harm. Many good specifics, e.g. on government deficits, inflation, the many harms from labor unions.

He focuses especially on the fact that many government "solutions" look only at immediate not long term effects and only at one preferred group - sound too familiar in 2023? - rather than all affected groups & individuals and over the long term. Often to considerable ill effect. Usually with politicians and administrative state mandarins, serving only themselves and special interests with no concern for the general interest, refusing to see or admit to the realities of their Save the Earth by Impoverishing or Killing Everyone but Me policies. Written in 1946, updated a bit, but a scary picture even before the administrative state got on steroids. "Austrian School," libertarian.

2 people found this helpful

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Bob Weeks

If you read only one economics book, read this

Reviewed in the United States 🇺🇸 on June 10, 2008

Verified Purchase

This book, first published in 1946, explains common fallacies (a false or mistaken idea) that are particularly common in the field of economics and public policy. At the very start of the book Mr. Hazlitt explains:

Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine -- the special pleading of selfish interests. While every group has certain economic interests identical with those of all groups, every group has also, as we shall see, interests antagonistic to those of all other groups. While certain public policies would in the long run benefit everybody, other policies would benefit one group only at the expense of all other groups. The group that would benefit by such policies, having such a direct interest in them, will argue for then plausibly and persistently. It will hire the best buyable minds to devote their whole time to presenting its case. And it will finally either convince the general public that its case is sound, or so befuddle it that clear thinking on the subject becomes next to impossible.

In addition to these endless pleadings of self-interest, there is a second main factor that spawns new economic fallacies every day. This is 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. It is the fallacy of overlooking secondary consequences.

At first it seems as though not much has changed since the end of World War II. What has changed, though, is the scope of the dangers Mr. Hazlitt identifies. That's because government is much expanded and more assertive today than when this book was written. In 1946 the New Deal was not very old, and the tremendous expansion of government social programs was still in the future. We should take these lessons as even more important today.

It is the overlooked consequences that cause harm. They are overlooked sometimes because they are difficult to see, as in the broken window fallacy explained by Frederic Bastiat and also in this book. They are also "overlooked" because, as Mr. Hazlitt tells us, one group wants special favors from the government, and although there is no way to grant these favors without harming some other group, the favor-seeking group will seek to hide, obfuscate, muddle, or minimize the bad effects. At the same time they promote the policy as good for everyone. This is largely the job that lobbyists perform, and billions are spent on it each year. That's because a powerful government has the ability to bestow valuable favors, those favors being paid for by someone else, someone often not easily seen.

An example of overlooked secondary consequences is government spending. When government spends, it means it must tax or borrow. What government spends is not available for individuals to spend. When we see magnificent public works (say a new downtown arena in Wichita), we don't see all the things that would have been bought had the government not taxed to build the public work. We see the jobs created by the public work -- all the construction workers that will be building the new arena -- but we don't see the jobs destroyed because people had to reduce their spending elsewhere.

Foreign trade is a case where people often fail to grasp the complete picture. We often see exports as something good for our economy, while imports are seen as bad. Imported things are things that American workers can't compete with, and so American jobs are lost, it is often said. But as Mr. Hazlitt says: "It is exports that pay for imports. The greater exports we have, the greater imports we must have, if we ever expect to get paid. The smaller imports we have, the smaller exports we can have. Without imports we can have no exports, for foreigners will have to funds with which to buy our goods." So those wanting restrictions on imports are also -- although they do not say this, either because they do not recognize it or it doesn't matter to them -- calling for fewer exports.

In recent years we have been told that our is a "consumer-driven" economy, fueled by people tapping their home equity that accumulated from increased home values, or spending by going into debt. It is as though if consumers started saving rather then spending on immediate consumption, the American economy would collapse. But Mr. Hazlitt tells us that "saving is only another form of spending." After all, what is done with money that is saved? Today, few put their savings under the mattress. Instead, it is loaned to a bank or invested. Then it is spent on capital goods, which businesses use to increase their productive capability. The key fact is that businesses spend it. And, they spend it on capital goods that either expand their capacity to produce, or decease their present costs of production. Either way, that is good for everyone. It means more jobs, and better jobs. But this saving is derided as not being "productive."

As a conclusion Mr. Hazlitt tells us:

And this is our lesson in its most generalized form. For many things that seem to be true when we concentrate on a single economic group are seen to be illusions when the interests of everyone, as consumer no less than producer, are considered.

To see the problem as a whole, and not in fragments: that is the goal of economic science.

This is a very valuable book, which while dated a bit, cuts through the fog and haze of economics and public policy and lets us understand the effects of our government's policies.

22 people found this helpful

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Top reviews from other countries

acompton

Fun to read and, while biased, a great summary of the case for keeping government out the economy

Reviewed in the United Kingdom 🇬🇧 on August 16, 2020

Verified Purchase

I read this very quickly and enjoyed almost all of it, the only exception was some areas that were a bit repetitive as similar examples were given of the same point. The key lesson though being that economic policies are often designed for the group most immediately affected, but ignore the long-term, secondary and tertiary effects on everyone else. Some great examples of this are then given. It's also all written in an engaging and enthusiastic style, making it easy to read even for the non-expert.

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.

12 people found this helpful

Oliver A. Williams

Its more like one lesson in economics

Reviewed in the United Kingdom 🇬🇧 on May 5, 2020

Verified Purchase

The title is disconnected with reality, you won't learn much economics from this which was pretty dissapointing. The point of the book is kind of the Thatcher / Cameron / May argument about not spending more than you earn or magic money trees. Of course this is pretty much monetarism 101 which is fine if that floats your boat but not the only game in town. You don't have to be spendy mcspendface to realise there is a time and place for Keynesianism or government intervention in the economy (lord knows there has been enough of it in the last 15 years). Its fine to be more one side of this particular fence than the other but good to acknowledge the other side exists. Disingenuous analogies between households and the overall economy help no one.

9 people found this helpful

Amazon Customer

Dated, states the obvious, repetitive, biased and ranty

Reviewed in the United Kingdom 🇬🇧 on December 14, 2022

Verified Purchase

If you are a complete and utter novice to economic ideas there may be some value here but honestly the lessons espoused are for the most part just common sense. It is frequently sexist, which is forgivable given the age in which it was written, but that's no excuse for the often sarcastic and snide way in which the information is delivered. Revisions have been made over a ~30 year period, the result of which is that the examples given are muddled in scale and from a modern point of view sometimes somewhat laughable.

Honestly I could forgive all the shortcomings if it weren't for the political rants that are distributed throughout, which actually seem to become more frequent and extreme the further into it you wade. The guy is clearly of a free market, anti trade union, conservative libertarian bent, which would be fine if he displayed some sympathy to other points of view, but, for example, he dismisses Keynesian economics outright as discredited and wrong, obviating any room for debate whatsoever. This is not a healthy attitude for a teacher of economics.

Getting rid of the above and reducing the repetition, it could deliver the same information in about half as many pages, in which case it may be worth a read, but as it stands I can't recommend it.

One person found this helpful

AndyM

If you want one economics text, look no further

Reviewed in the United Kingdom 🇬🇧 on August 24, 2017

Verified Purchase

From a simple scenario of a broken window, Hazlitt develops a series of arguments which demonstrate some of the fallacies which we now seem to accept as gospel. Lucid, well written and full of lessons our current crop of politicians (of all parties) should learn, this book taught me more about economics and the laws of cause and effect than most economics texts I have read.

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.

12 people found this helpful

pawelgonzalez

If you are interested in economy then this is a book for you.

Reviewed in the United Kingdom 🇬🇧 on February 25, 2014

Verified Purchase

I would recommend this book for everyone who is really interested in economy.
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.

4 people found this helpful

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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics Paperback – December 14, 1988

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Henry Hazlitt

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