Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics
Posted by ObjectiveAnalyst 9 years, 5 months ago to Books
Economics in One Lesson: The Shortest & Surest Way to Understand Basic Economics
Book Review, by O.A.
Author, Henry Hazlitt ISBN 978-0-517-54823 214 pages.
This is Econ 101 from the Austrian school. It is a great beginner book and an easy read.
The book was endorsed by Ayn Rand- “A magnificent job of theoretical exposition”
It was also endorsed by Milton Friedman and F.A. Hayek.
At only 214 pages, written in a way that conforms and reminds one of Frederic Bastiat and F.A. Hayek your time could not be better spent. It is brilliant in its clarity and recognition of not only short term, but also long term consequences of economic policy.
It was first published in 1946 and most recently updated in 1979. Yet, it remains as applicable as ever.
An Excerpt:
“In brief, the main problem we face today is not economic, but political. Sound economists are in substantial agreement concerning what ought to be done. Practically all government attempts to redistribute wealth and income tend to smother productive incentives and lead toward general impoverishment. It is the proper sphere of government to create and enforce a framework of law that prohibits force and fraud. But it must refrain from specific economic interventions. Government’s main economic function is to encourage and preserve a free market. When Alexander the Great visited the philosopher Diogenes and asked whether he could do anything for him, Diogenes is said to have replied: “Yes, stand a little less between me and the sun.” It is what every citizen is entitled to ask of his government.”
The big takeaway is that while many are awakening to the economic realities, progressive leaning Keynesians and New Dealers still exist and have not learned the lessons. They will not give up their failed policies that provide them with power easily. We will have to replace them with people of proper economic understanding and integrity.
I highly recommend this easy read for the beginner and also as a refresher for the well versed.
Happy reading!
O.A.
Book Review, by O.A.
Author, Henry Hazlitt ISBN 978-0-517-54823 214 pages.
This is Econ 101 from the Austrian school. It is a great beginner book and an easy read.
The book was endorsed by Ayn Rand- “A magnificent job of theoretical exposition”
It was also endorsed by Milton Friedman and F.A. Hayek.
At only 214 pages, written in a way that conforms and reminds one of Frederic Bastiat and F.A. Hayek your time could not be better spent. It is brilliant in its clarity and recognition of not only short term, but also long term consequences of economic policy.
It was first published in 1946 and most recently updated in 1979. Yet, it remains as applicable as ever.
An Excerpt:
“In brief, the main problem we face today is not economic, but political. Sound economists are in substantial agreement concerning what ought to be done. Practically all government attempts to redistribute wealth and income tend to smother productive incentives and lead toward general impoverishment. It is the proper sphere of government to create and enforce a framework of law that prohibits force and fraud. But it must refrain from specific economic interventions. Government’s main economic function is to encourage and preserve a free market. When Alexander the Great visited the philosopher Diogenes and asked whether he could do anything for him, Diogenes is said to have replied: “Yes, stand a little less between me and the sun.” It is what every citizen is entitled to ask of his government.”
The big takeaway is that while many are awakening to the economic realities, progressive leaning Keynesians and New Dealers still exist and have not learned the lessons. They will not give up their failed policies that provide them with power easily. We will have to replace them with people of proper economic understanding and integrity.
I highly recommend this easy read for the beginner and also as a refresher for the well versed.
Happy reading!
O.A.
Glad you enjoyed it. I am currently reading some very difficult and boring philosophy (Locke's On human Understanding). I may eventually write a review on it, but I am not sure I will give it high recommendation. The material is generally epistemology, was probably quite instructive in its day, but the prose is very difficult and it has put me to sleep so many times it is taking forever to get through it. :)
Happy reading,
O.A.
For fun, I wrote my own summaries of each chapter (up through the minimum wage), and posted them to Facebook. A few of them were ignored; most of them generated some good discussion. None of them were met with any serious challenge (and most of my friends are quite liberal).
Its also easier to find time to re-listen, than to re-read something.
This was my first Henry Hazlitt book. It will not be my last. I have read many, many other economists' works, from Adam Smith to Thomas Sowell, but Mr Hazlitt has impressed.
Thank you for your input.
Regards,
O.A.
A shell game and governments are the game-masters and citizens are the pigeons.
O.A.
An absolute MUST read for anyone who is even halfway serious about politics.
Yes. Either they are ignorant, or they don't care because it feathers their own nest or feeds their power trip/egos. And they have the audacity to call Free-marketers and Objectivists greedy.
Regards,
O.A.