Economics in One Lesson
| Economics in One Lesson | |
| |
| General Information | |
| Author: | Henry Hazlitt |
| Publisher: | Harper & Brothers |
| Published: | 1946 |
| Pages: | 216 |
| ISBN: | 0517548232 |
Economics in One Lesson is a foundational text in libertarian economic thought, written by journalist and economist Henry Hazlitt. First published in 1946, the book serves as an accessible introduction to economic principles, emphasizing the importance of considering both immediate and long-term consequences of economic policies.
The book's central theme is summed up in what Hazlitt refers to as "The Lesson": examining not only the effects of economic decisions on one group but also on all groups over time. Through clear explanations and practical examples, Hazlitt critiques government interventions, price controls, subsidies, and inflationary policies, advocating instead for free markets and individual liberty.
Content Overview
Economics in One Lesson consists of 26 chapters, each addressing a specific economic concept or policy. Hazlitt begins with an introduction to "The Lesson" and builds on it with examples of misguided policies, such as tariffs, wage controls, and public works programs, demonstrating how they lead to unintended consequences.
Key topics include:
- The broken window fallacy, illustrating the hidden costs of economic destruction.
- The consequences of price controls and minimum wage laws.
- The impact of inflation and government borrowing.
Influence and Legacy
Since its publication, Economics in One Lesson has become a widely read and influential book, particularly within the Austrian School of Economics and the libertarian movement. It has been translated into multiple languages and continues to be used as an introductory text for students of economics and liberty.
Prominent libertarian thinkers, including Milton Friedman and Friedrich Hayek, have praised Hazlitt's ability to distill complex economic ideas into simple and persuasive arguments. The book is often recommended as a starting point for those interested in understanding the principles of a free-market economy.