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

by Henry Hazlitt (Author)

1,163 customer reviews

in Exports & Imports Economics

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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.

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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

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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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Product details

Paperback: 218 pages
Publisher: Currency; paperback edition (December 14, 1988)
Language: English
ISBN-10: 0517548232
ISBN-13: 978-0517548233
Product Dimensions: 5.1 x 0.6 x 8 inches
Shipping Weight: 6.4 ounces (View shipping rates and policies)
Average Customer Review: 1,163 customer reviews
Amazon Best Sellers Rank: #5,469 in Books (See Top 100 in Books)
- #1 in Books > Business & Money > International > Exports & Imports
- #6 in Books > Business & Money > International > Economics
- #6 in Books > Business & Money > Economics > Free Enterprise

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Chase G.

Outlines the libertarian/classical liberal economic view

December 27, 2016

Format: PaperbackVerified Purchase

This changed the way I thought about well-intentioned government intervention and the economy. You should go into the book understanding that it has a clear libertarian/classical liberal orientation. It primarily has a deductive approach, which has its problems, but is incredibly useful to help readers ask the right questions about how the outcomes and goals of well-intentioned policies can diverge. The main premise is that the economic consequences of a policy need to be understood not only in light of the immediate effects on the target of the policy, but also in terms of how that intervention can distort allocation decisions of actors the policy might overlook. The book primarily looks at policies that amount to subsidies and price fixing in many forms. Be prepared for Hazlitt to kill many of the sacred cows of modern government intervention.

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K. L. Gould

This book is easy to read but it is not "partisan"

June 21, 2018

Format: Kindle EditionVerified Purchase

Hazlitt's book is mainly a commentary on Bastiat's What is seen and unseen essay, but his examples are clear and convincing. The book was last updated in 1978, but several chapters are highly relevant to the tariff and immigration arguments raging today. Hazlitt's insights into the harmful effects of continual inflation and an aversion to profits for private firms are also relevant to today's most important issues. This book is easy to read but it is not "partisan". Nor is it ideological. Hazlitt does a good job of using facts to support his claims. Some will not agree with his conclusions, but no one can claim that Hazlitt presents a deliberately biased or unbalanced case. A poor understanding of economics underlies many bad decisions which have been made over the past 80 years. Hazlitt's book is one step in the educational process needed to repair the damage done.

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crafty lefthander

THE ECONOMICS PRIMER FOR US ALL

March 10, 2014

Format: PaperbackVerified Purchase

Henry Hazlitt's classic Economics in One Lesson was first published in 1946, and updated during the debacle known as the Carter Administration. A journalist rather than a professional economist, Hazlitt was greatly influenced by the free marketers in the Austrian School of Economics and especially by Ludwig van Mises.

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.

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Tra Kieu

The best book for the non economist who wants to know ...

October 9, 2015

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The best book for the non economist who wants to know haw to think about things proposed by politicians. It teaches how to understand the ramifications of any proposal by a pol for aiding this group or that. One who reads this book cannot be conned by pols again. He may continue to agree with the pol's proposal but he cannot help to know the chain of development of how the new policy will play out in real life.

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