Economics in One Lesson: The Shortest and Surest Way to Understand Basic EconomicsOver a million copies sold! A fundamental influence on modern libertarianism, this classic guide to the basics of economic theory defends capitalism and the free market from economic myths that persist to this day. “A magnificent job of theoretical exposition.”—Ayn Rand 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 wrote Economics in One Lesson 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 fifty 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. |
Contents
| 7 | |
| 9 | |
| 13 | |
| 15 | |
THE LESSON APPLIED | 21 |
The Broken Window | 23 |
The Blessings of Destruction | 25 |
Public Works Mean Taxes | 31 |
Saving the X Industry | 98 |
How the Price System Works | 103 |
Stabilizing Commodities | 110 |
Government PriceFixing | 117 |
What Rent Control Does | 127 |
Minimum Wage Laws | 134 |
Do Unions Really Raise Wages? | 140 |
Enough to Buy Back the Product | 152 |
V Taxes Discourage Production | 37 |
Credit Diverts Production | 40 |
The Curse of Machinery | 49 |
SpreadtheWork Schemes | 61 |
Disbanding Troops and Bureaucrats | 67 |
The Fetish of Full Employment | 71 |
Whos Protected by Tariffs? | 74 |
The Drive for Exports | 85 |
Parity Prices | 90 |
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Economics in One Lesson: The Shortest and Surest Way to Understand Basic ... Henry Hazlitt No preview available - 1988 |
Common terms and phrases
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