Economics in One Lesson
Henry Hazlitt's book starts with a single lesson-that economics means looking over and above the immediate associated with any act or coverage to the consequences of it for everybody. The rest of the book is a series of short chapters giving instances of the application of this lesson. Hazlitt's lesson itself is great. I wish it had been better known. His illustrations vary in quality. Some are a bit dated; natural for a book, which in turn mostly dates to 1946. The section on lease control is just as relevant today as ever. The discussion of the cost of war and other types of destructive actions punctures a misconception that is certainly still common. In his discourse on unemployment, however , he does not mention immigration and inhabitants growth as part of the cause. The section about tariffs great as far as that goes. The problem with his examination is that travel today is effect heavily subsidized. Olive oil companies and so on don't have to spend on the air air pollution and environment change due to their products, or for streets, or for the armies protecting the oil stream. Subsidized transportation costs generate nonsense in the idea that neighborhood and brought in goods are really on the same ground. Free operate with countries having nonexistent environmental regulations simply sets up a competition to the bottom, with liable companies at risk of bankruptcy and irresponsible corporations destroying the economic foundations of their own countries. Hazlitt swallows whole the idea that growth in GNP is usually good and will continue consistently. Given that GNP doesn't range from the costs of pollution, useful resource depletion, the consequence of population development, or standard of living, this is very questionable. Hazlitt should apply his own " one lesson" here. Hazlitt states in the first sentence in your essay that economics is haunted by more fallacies than any other research known to man. I am inclined to agree. Hazlitt points out a lot of them and does that in a very legible way. Hazlitt fails with a few...