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Economics in One Lesson

4.24 of 5 stars 4.24  ·  rating details  ·  7,371 ratings  ·  565 reviews
Here is a publishing event: the new Mises Institute edition of the classic book that has taught many millions sound economic thinking. It is a hardbound volume, priced very low thanks to special benefactors, and now available in quantity discounts for distribution to your friends, family, and anyone you meet who needs to understand what economics implies for the society, g ...more
Hardcover, 50th Anniversary Edition, 205 pages
Published June 1st 1996 by Fox & Wilkes (first published 1946)
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Since I have been told (see Post #3) that I have insufficiently supported my point in the original review below, I thought I should expand on it. I have therefore added on Post #4 in full to this review.

Original Review

I read the free copy made available here. Well, actually I read the first three chapters and scanned through the rest to see if it was more or less based on the same type of argumentation and reasoning. It was.

Can't people tell that this is just rhetoric and argument? There are a

5.0 STARS ALL THE WAY for this TERRIFIC book that I consider ESSENTIAL READING for anyone interested in understanding the "free market" theory that government intervention in the markets, no matter how well meaning the intent, almost always leads to negative consequences down the road.

Hazlitt, a prolific author and champion of "free markets" begins the book with the following lesson of Economics:
The art of economics consists of looking not merely at the immediate but at the longer effects o
Riku Sayuj

This is a true ‘Economics or Dummies’ book. It can be useful in case you want something handy to bang over an economic nit-wit's head on short notice. Only such a dummy would be unable to puncture your simplistic arguments or need them in the first place.

Beyond that, it is hard to envisage much use for this volume, whether for serious discussion or for serious reflection. So if the initial bang was not good enough and if you pack no other arsenal, you might as well get out of there, and fast. T
Jarrod Jenkins
Abbreviated Review: stop reading my review and go read “Economics in One Lesson” right now.

Full Review: In the first half of 2009, I visited several law schools before making my selection. While at Northwestern, I spoke at length with a professor who had recently worked on a paper supporting a national consumption tax. Encouraged by the fact that our positions on the desirability of a sales tax over an income tax aligned, I pushed him to explain his solution for getting out of the current financ
For a book that was written so long ago, this book is amazingly relevant to today. It clearly explains how things like stimulus packages, government subsidies, nationalization, currency inflation etc., aren't, and can't be, magic solutions that fix the economy. It gives examples of times these types of things have been tried in the past and haven't worked and why they won't work today and will never work. If you are skeptical of the hundreds of billions of dollars being printed and shuffled arou ...more
The point of this book is to show that there are facts that economists have worked out over the years that are now all but laws that can be used to determine how we should structure our interactions so as to provide the best possible benefit to the greatest possible number. These laws ought to be followed to the letter as ANY mucking about with them can only lead to tears. Unfortunately, it has always been the case that politicians (and even some economists – particularly economists contaminated ...more
If you want to read about Austrian economics and hear about how Keynesian economists are out there in the night, conspiring to tax you and build useless bridges for giggles, then read this book. If you know anything about economics and think about what you're reading, you'll see an agenda. Many generalizations and exaggerations are made to portray advocates of Keynesian economics as moronic and simple-minded.
Hazlitt doesn't say the government takes money from the rich and give to the poor; he sa
Oct 25, 2008 Jeremy rated it 5 of 5 stars  ·  review of another edition
Recommends it for: Economic novices
Recommended to Jeremy by: Kelsey
I can't even count the number of times already that topics discussed in this book have come up in everyday conversation. To me that is the major value of a book like this and an indication of its effectiveness. The "one lesson" is this: to truly understand economics (and make good economic policies) we must consider the short-term and long-term effects of a policy as well as how it affects all people immediately and in the future.

There has been a paradigm shift in my thinking. I have been confro
May 18, 2007 Paul rated it 1 of 5 stars  ·  review of another edition
Recommends it for: idiots
a triumph in the art of oversiplification
Dec 16, 2014 Pezquenin rated it 1 of 5 stars  ·  review of another edition
Recommends it for: Nobody
The book of fallacies

Mr Hazlitt's favourite word in the world is FALLACY. It appears countless times throughout the book. Only once or twice he uses equivalent terms, such as "delusion".

This is my (ironic) summary of the book:

- Chapter N
Theory A is a fallacy. People who support it only think about the benefits for one group, and only about the short-term consequences. They should think about the long-term consequences and its impact on all groups. Let me give you an example: example 1
- Chapter N
Reading Hazlitt's economic primer, I was reminded of the recent vice presidential debate, in particular Paul Ryan’s statement: “If you don't have a good record to run on, paint your opponent as someone people should run from.” Unfortunately, this book was plagued by a similar ailment. The author spends page after page decrying the evils and ineffectiveness of his opponents while spending far less time building evidence for his own theories. Even when Hazlitt tries to make an argument in favor of ...more
David Robins
If you only read one book on economics, read this one: read it and learn it. (But don't read just one book on economics.) It's astounding how so many fail to grasp the basic truths in this volume, or, more likely, ignore the evidence and rush ahead with their failed schemes of redistribution, inflation, etc. to provide short-term benefit to a favored few.

"Practically all government attempts to redistribute wealth and income tend to smother productive incentives and lead toward general impoverish
The book uses simple examples of economics between individuals to understand the cost vs. benefit relationships surrounding economic decisions and policies. Examples and principles described are very easy to understand and are relevant to arguments made. Author is a Classic Economist and argues that economic growth is never optimal with government intervention. He shows how saving money is perhaps better to the growth of the economy than is consumption spending. He persuasively argues against Ke ...more
I wanted to dislike this book because of its borderline-snobbish tone, but Hazlitt nailed it, and thankfully pointed out that there is no rule, no doctrine, no shortcut, no party, no faith that can point us to correct economic conclusions. We simply have to do the work to look at the evidence before understanding the consequences of any policy. As a plaque at NASA is rumored to say, "In God we trust. All others bring data."
Alan Mills
I could not finish this book. It is trite, misleading, and misstates history. Here are my notes:

Notes on Economics in One Lesson, by Henry Hazlitt (1946)

I'm with Hazlitt on the broken window fallacy: destruction of value needs to be added to the balance of new value created in replacing the destroyed.

But the next step is NOT a logical extension (p. 14): "But the more money is turned out in this way, the more the value of any given unit of money falls.“ Not true. Money has no value at all. It is
Dan Walker
This book should be required reading in every econ 101 class in the country. It is written simply so that anyone can understand the concepts presented. And yet it provides a powerful antidote to the economic lies we are subjected to on a daily basis by unions, our political leaders, and the popular press.

In fact, to me that makes the book depressing. It was written in 1946 and yet we are still suffering under the same economic myths that the book addresses. We are all poorer because as a country
As of this writing, the 1946 first edition of this book, a good introduction to Libertarian thought, is available as a free, 200-page, slow-downloading .pdf file from the URL on the Goodreads page for this book. The link is just below the ISBN and original title (same link here). For a free, but faster-loading, .html version of this book from the same source, readable in any web browser, click here.

However, like an idiot, I paid $9.99 on Amazon. It's the second edition of the book, from 1978, wi
Abe Goolsby
Sep 14, 2009 Abe Goolsby rated it 5 of 5 stars  ·  review of another edition
Recommends it for: anyone
Economics is one of those topics on which I've intended to get better educated for some time now. The events since the latter half of '08 have definitely bumped that intention up several notches in my list of priorities. The first problem I really had to tackle was figuring out where to start, which is to say, deciding exactly what and whom I should be reading. I knew just enough to determine that pretty much anything from a Keynesian perspective—which, with differences that are in the final ana ...more
I'm no good at economics, don't get me wrong. But I have to say, this book is really spot-on with what really goes on in the economy. If not for my brilliant economics teacher, I probably wouldn't have loved this book as much as I do. I recommend that anyone who remotely is interested in the lies the government tells us, and what is going to happen to America in the future, then this book is the one to read. It's sad to think that all of the false beliefs Hazlitt mentions in his book, I used to ...more
Economics in One Lesson must be an absolute necessity for any Austrian School of Economics advocates. Hazlitt fiercely dissects and debunks the many economic fallacies created by government policy and special interest groups. Every single lesson is truly a testament to real economic prosperity rather than delusions spouted by politicians and media personnel.
All 25 Lessons have significant importance, but fundamentally, the preeminent lesson is inflation. Single-handedly, inflation can be blamed
"Government-guaranteed home mortgages, especially when a negligible down payment or no down payment whatever is required, inevitably mean more bad loans than otherwise. They force the general taxpayer to subsidize the bad risks and to defray the losses. They encourage people to "buy" houses that they cannot really afford. They tend eventually to bring about an oversupply of houses as compared with other things. They temporarily overstimulate building, raise the cost of building for everybody (in ...more
D Scroggy
In these times of massive government budget deficits ($1.6 TRILLION deficit on $3.8 TRILLION spending for fiscal 2011 alone), when even a few billion dollars of cuts in spending are called “extreme” or “draconian” by those policy makers in Washington whose power base is firmly entrenched in the special interest groups committed to keep those government spending dollars flowing, this book is more of a must read than ever before. A deep understanding of economics can be had by reading this book an ...more
The economic theory in this book is extremely applicable and easy to understand. The following quote from page 46-47 describes very well the housing and credit crunch we have just seen:
"The case against government-guaranteed loans and mortgages to private businesses and persons is almost as strong as, though less obvious than, the case against direct government loans and mortgages. The advocates of government-guaranteed mortgages also forget that what is being lent is ultimately real capital, w
Read this book!

Clear, impeccably written economics primer from the 1950s, and even more relevant today, the age of out-of-control govt spending and interference with the economy. If you want to know the alternative that works, read this book!

Hazlitt examines a number of economic policies regarding e.g. minimum wage laws, tariffs, subsidies, unions, etc., showing the resulting unforeseen long-term consequences (usually offsetting or even outweighing the short-term benefits). In brief, interferi
Gabriella Hoffman
Finally got around to reading this. Though it's a bit dense, it was a good and necessary read. Every proponent of free enterprise should read this!
Destinee Sutton
I didn't get very far in this book before I put it down in frustration because Hazlitt kept saying things like, "I'm not going to debate the benefits of low income housing (or social services, or unemployment, etc.), I'm just going to say that it's a bad idea economically." Well, that's great. Too bad we live in a world that isn't ruled by pure economics, right? We'd all be so much better off! (I don't know, maybe we would be better off, but it seems completely cold and unrealistic to me.)

This book is popular and highly acclaimed. It was even able to secure a position in Modern Library list of top hundred non fiction books. However I was disappointed with it. While flouting a caveat against the danger of preferring direct benifits over long term benefits the author in an unscrupulous manner indulges in the practice of preferring common sense direct arguments to belabor his point. Truth is not always what it appears to be, and a common sense explanation is not necessarily the most ...more
Adam T Calvert
This is a very good and timely book. It’s a downright shame that it was written in 1946 and governments around the world have not heeded the simple lesson and practical applications advanced in this work.

It’s divided into three sections:

Part One: The Lesson

With one chapter, “The Lesson” - in which he asserts: “The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for o
This book can be summarize in one sentence i.e The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups."
The author is definitely the advocate for free market and Laissez-faire type of economy where their is minimal intervention from the government. Throughout the book, the author held government and its policies responsible for all the fi
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Is it true that employers will reinvest all profits in factories, etc.? 2 8 Feb 15, 2015 01:58PM  
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Henry Hazlitt was a libertarian philosopher, an economist, and a journalist for various publications including The Wall Street Journal and The New York Times, and Newsweek. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman, an important libertarian magazine. In 1946 Hazlitt wrote Economics in One Lesson, his seminal text on free market e ...more
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“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.” 43 likes
“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.” 17 likes
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