Economics in One Lesson

Front Cover
Three Rivers Press, 1979 - Business & Economics - 218 pages
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.

 

What people are saying - Write a review

User ratings

5 stars
11
4 stars
1
3 stars
2
2 stars
1
1 star
1

LibraryThing Review

User Review  - christopher.hicks - LibraryThing

Calling this a lesson in economics is blatantly deceptive. This is a polemic against government intervention in the economy. As a student in economics I found the use of this title for something ... Read full review

LibraryThing Review

User Review  - beatgammit - LibraryThing

I liked the message overall, but it was quite wordy and could've been accomplished in 1/4 the pages. I also didn't like the shallow treatment of prevalent economic ideas, which I found a bit ... Read full review

Contents

PREFACE to THE NEw EDITION
7
PREFACE to the FIRSt Edition
9
THE LESSON
13
The Lesson
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
XX Do Unions Really Raise Wages?
140
Enough to Buy Back the Product
152

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
The Function of Profits 1 59
159
The Mirage of Inflation
164
The Assault on Saving
177
The Lesson Restated
191
THE LESSON AFTER THIRTY YEARS
201
The Lesson After Thirty Years
203
A Norf ON Books
212
INDEx
215
Copyright

Other editions - View all

Common terms and phrases

About the author (1979)

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 important libertarian publication. Hazlitt wrote Economics in One Lesson, his seminal text on free market economics, in 1946, bringing his ideas and those of the so-called Austrian School to the American scene. His work has influenced the likes of economist Ludwig von Mises, novelist and essayist Ayn Rand, and 2008 Libertarian Party Presidential nominee and congressman, Ron Paul. Hazlitt has been cited as one of the most influential literary critics and economic writers of his time.

Bibliographic information