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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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"A magnificent job of theoretical exposition."
“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
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A simple, straightforward analysis of economic fallacies that are so prevalent they have almost become a new orthodoxy.
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It should be noted that this book is dogmatic. It makes no apologies for what it espouses, nor does it offer an critical reflection about its theories. It simply preaches what this school of thought teaches. It doesn't try to build its case on facts and figures, so much as why this economic system simply makes sense from purely logical reasoning.
I recommend this book a solid starting point for exploring economics. After reading this book, one may want to turn to a more technical economic textbook.
Since it is most likely beginners that are reading this review, I can easily recommend Mr. Hazlitt's book as an introductory read. The field of economics, as he says in the first sentence of Chapter I, is "haunted by more fallacies than any other study known to man." This book will help steer you through these common fallacies--some of which you may believe right now--with an explanation on why these fallacies are wrong. The premise behind debunking these nonsensical theories is so important that it is repeated in different ways throughout the book, and which Mr. Hazlitt succinctly states in the first chapter: "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."
Also important is this book is not only educational, but extremely fun to read. Mr. Hazlitt uses stories to translate the economic theories throughout the book into real-world examples. These stories grab the readers' attention, encourage the use of critical thinking, and help the reader grasp the concept. For example, is Alvin--who spends lavishly at restaurants and stores--a bigger stimulus to the economy than his brother Benjamin, a saver? (Answer: They're the same.)
There are so many highlight-worthy sentences and paragraphs in this book, indicative of the wealth of relevant information. I find myself referring back to them all the time. Once readers finish this book, Mr. Hazlitt suggests other economic texts written by highly renowned authors for those looking to delve further into this fascinating subject. I highly recommend this indispensable book for anybody seeking further understanding of the world around them.