Economics in One Lesson: Difference between revisions

Economics in One Lesson
	; Cover of 2007 edition
Author(s)	Henry Hazlitt
Country	United States
Language	English
Subject(s)	Economics
Publisher	Harper & Brothers
Publication date	1946
Pages	218
ISBN	0517548232
OCLC Number	167574

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Latest revision as of 00:22, 8 December 2012

Economics in One Lesson is the seminal work of Henry Hazlitt. First published in 1946, it is based on Frédéric Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (English: "What is Seen and What is Not Seen"). It was written to expose the popular fallacies of its day. It became his most enduring contribution.^[1]

The Lesson

Hazlitt attacked the fallacies of his time by analyzing each in light of the titular "one lesson." This lesson is the the same as the fundamental lesson of Frédéric Bastiat's parable of the broken window: that one's economic analyses must go beyond what is seen to what is unseen, or beyond the obvious, localized, and short-term effects of an action or policy to its subtler, wider reaching, and long-term consequences. The failure to take these latter into account is known as "the broken window fallacy" in reference to Bastiat's parable. Hazlitt viewed this as the supreme economic error, and it was this, in manifold manifestations, that he set out to expose in Economics in One Lesson. As Hazlitt explained in the book's first part:

[one main factor] that spawns new economic fallacies every day . . . is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences.^[2]

Contents
PART ONE: THE LESSON PART TWO: THE LESSON APPLIED 2. The Broken Window 3. The Blessings of Destruction 4. Public Works Mean Taxes 5. Taxes Discourage Production 6. Credit Diverts Production 7. The Curse of Machinery 8. Spread-the-Work Schemes 9. Disbanding Troops and Bureaucrats 10. The Fetish of Full Employment 11. Who's "Protected" by Tariffs? 12. The Drive for Exports 13. “Parity” Prices 14. Saving the X Industry 15. How the Price System Works 16. “Stabilizing” Commodities 17. Government Price-Fixing 18. What Rent Control Does 19. Minimum Wage Laws 20. Do Unions Really Raise Wages? 21. “Enough to Buy Back the Product” 22. The Function of Profits 23. The Mirage of Inflation 24. The Assault on Saving 25. The Lesson Restated PART THREE: THE LESSON AFTER THIRTY YEARS

References

↑ Rockwell, Llewellyn H., Jr. "Biography of Henry Hazlitt (1894-1993)", referenced 2010-06-24.
↑ Hazlitt, Henry. Economics in One Lesson (PDF), Foundation for Economic Education, 2005-04-01, via www.fee.org on 2010-11-12, p. 3.

Links

The Mises Store has these related items for sale:
-Economics in One Lesson

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-Economic Reasoning

Economics in One Lesson 1952 special edition for FEE:
- Full text links
- Full text in PDF
Economics in One Lesson 1978 second edition:
- Full text in HTML
Economics in One Lesson 2007 edition:
- Full text in PDF
"Economics in One Lesson Is Still Relevant" by Art Carden, October 2008.
Economics in One Lesson, The Video Series by Jeffrey Tucker, October 2010.

Related courses
- Economic Reasoning Mises Academy course by David Gordon

Economics in One Lesson at Wikipedia

[Rockwell_Hazlitt-1] Rockwell, Llewellyn H., Jr. "Biography of Henry Hazlitt (1894-1993)", referenced 2010-06-24.

[feeorg2005-2] Hazlitt, Henry. Economics in One Lesson (PDF), Foundation for Economic Education, 2005-04-01, via www.fee.org on 2010-11-12, p. 3.

[1]

[2]

@@ Line 1: / Line 1: @@
-{{Stub}}
+{{Infobox Book
+| name          = Economics in One Lesson
-'''''Economics in One Lesson''''' is the seminal work of [[Henry Hazlitt]]. First published in 1946, it was written to expose the popular fallacies of its day. It became his most enduring contribution.<ref name="Rockwell_Hazlitt">Rockwell, Llewellyn H., Jr. [http://mises.org/about/3233 "Biography of Henry Hazlitt (1894-1993)"], referenced 2010-06-24.</ref>
+| title_orig    =
+| translator    =
+| image         = [[File:Economics in one lesson 2007 ed cover.jpg|175px]]
+| image_caption = Cover of 2007 edition
+| author        = [[Henry Hazlitt]]
+| illustrator   =
+| cover_artist  =
+| country       = United States
+| language      = [[English language|English]]
+| series        =
+| subject       = [[Economics]]
+| genre         =
+| publisher     = Harper & Brothers
+| pub_date      = 1946
+| english_pub_date =
+| media_type    =
+| pages         = 218
+| isbn          = 0517548232
+| oclc          = 167574
+| dewey            =
+| congress         =
+| preceded_by   =
+| followed_by   =
+}}
+'''''Economics in One Lesson''''' is the seminal work of [[Henry Hazlitt]]. First published in 1946, it is based on [[Frédéric Bastiat]]'s essay ''{{lang|fr|Ce qu'on voit et ce qu'on ne voit pas}}'' (English: "[[That Which Is Seen, and That Which Is Not Seen|What is Seen and What is Not Seen]]"). It was written to expose the popular [[Fallacy|fallacies]] of its day. It became his most enduring contribution.<ref name="Rockwell_Hazlitt">Rockwell, Llewellyn H., Jr. [http://mises.org/about/3233 "Biography of Henry Hazlitt (1894-1993)"], referenced 2010-06-24.</ref>
 == The Lesson ==
@@ Line 13: / Line 37: @@
 ==Contents==
+{| class="wikitable collapsible collapsed"
+! Contents&nbsp;
+|-
+|
 '''PART ONE: THE LESSON'''
@@ Line 43: / Line 70: @@
 '''PART THREE: THE LESSON AFTER THIRTY YEARS'''
+|}
+==See also==
+* ''[[Lessons for the Young Economist]]''
+* ''[[Economics for Real People]]''
+* ''[[How an Economy Grows and Why it Crashes]]''
+* ''[[Basic Economics]]''
 ==References==
 {{Reflist}}
-==External links==
+==Links==
 {{store|http://mises.org/store/Economics-in-One-Lesson-P33.aspx}}
-* [[Wikipedia:Economics in One Lesson|Economics in One Lesson]] on Wikipedia.
+{{academy|http://academy.mises.org/courses/economic-reasoning/|Economic Reasoning}}
-*Availability of ''Economics in One Lesson'': read the [http://www.fee.org/pdf/books/Economics_in_one_lesson.pdf online edition (PDF)], listen to the [http://mises.org/media.aspx?action=category&ID=115 audiobook], or purchase the [http://mises.org/store/Economics-in-One-Lesson-P33.aspx?AFID=14 book].
+* ''Economics in One Lesson'' 1952 special edition for [[Foundation for Economic Education|FEE]]:
-* [http://mises.org/daily/3102 Economics in One Lesson Is Still Relevant] by Art Carden, October 2008.
+** [http://www.fee.org/library/books/economics-in-one-lesson/ Full text links]
+** [http://www.fee.org/pdf/books/Economics_in_one_lesson.pdf Full text in PDF]
+* ''Economics in One Lesson'' 1978 second edition:
+** [http://steshaw.org/economics-in-one-lesson/contents.html Full text in HTML]
+* ''Economics in One Lesson'' 2007 edition:
+** [http://mises.org/books/economics_in_one_lesson_hazlitt.pdf Full text in PDF]
+* [http://mises.org/daily/3102 "Economics in One Lesson Is Still Relevant"] by [[Art Carden]], October 2008.
 * [http://blog.mises.org/14406/economics-in-one-lesson-the-video-series/ Economics in One Lesson, The Video Series] by [[Jeffrey Tucker]], October 2010.
-[[Category:Literature]]
+* Related courses
-{{Italic title|Economics in One Lesson|(book)}}
+** [http://academy.mises.org/courses/economic-reasoning/ Economic Reasoning] [[Mises Academy]] course by [[David Gordon]]
+* {{wplink}}
+[[Category:Writings of Henry Hazlitt]]