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Business Management Book Store > Business Management books beginning with E
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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics |
Author: Henry Hazlitt
Published: 1988-12-14 |
List price: $13.95
Our price: $11.16
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As of: November 21st, 2008 02:05:35 PM
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Customer comments on this selection.
 The Ginsu for Economic Policy!
The title is a little off. This is shortest and surest way to understand government economic policies - not the basic of economics. But this hardly detracts - I think I am more delighted with what I found than I would have been with what I expected!
If you passed a junior high school Economics class (and have the reading skills to match), you'll be able to make sense of this brilliantly written book. Using easy understandable language, simple examples, and direct reasoning founded on straightforward principles, "Economics in One Lesson" dissects most common fallacious economic policies.
Reading it will give you the basic tools needed to cut through the crap and quickly dissect the debates on almost any of the inherently flawed economic policies which are squandering the wealth of the West and retarding the growth of developing nations. Most of the policies we see proposed (and in effect) today fit the basic forms of those Hazlitt dismembered more than 60 years ago.
I was blown away by a single paragraph in chapter 5 which nailed the heart of the current housing crisis.
Must-Read For Politicians And Business Leaders
Every politician and business leader should be forced to read and understand Economics in One Lesson. Again and again, the classic mistake is made: pursuing a short-term policy that benefits only a select few at the expense of a long-term policy that could benefit many. It's why hybrid car policies can lead to more traffic and pollution. Why setting maximum prices for staples (such as milk) can lead to shortages of those staples. There are many more examples. Read the book. It's a quick read with a huge ROI.
STILL the best guide to clear economic reasoning
With all the bad theory and misinformation in the field of economics, Hazlitt's book serves a much-needed purpose. It teaches basic, self-evident principles that form the foundation for logical economic thought.
'Economics in One Lesson' should have perhaps been titled, 'Economic Policy in One Lesson', because Hazlitt is mainly concerned here with the effects of government policy on the market:
"...The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence: 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."
Hazlitt's theorem is that much of our economic thought and government policy is based on fallacy. His method is to show an example of bad economic policy, explain how it adversely affects the market, and then teach good policy using logical reasoning. Along those lines, the book does not address basics such as supply and demand, but rather tackles questions like, "What is the effect of government credit on production?" Nonetheless, an absolute beginner should be able to understand the concepts presented here, even though the finer points may be lost. After reading this work, you will be able to analyze and evaluate economic policy and reason about its effects on the market.
Pay no heed to those that accuse Hazlitt of taking a narrow-minded, Libertarian viewpoint. Regardless of your economic/political affiliations, the truths presented in this book are so self-evident that, in my opinion, they are defensible on common sense alone and demonstrated throughout history.
A basis for real thought about our money and how its spent
Great gift for your teenager or aging hippy who thinks all problems can be resolved if only someone else would foot the bill. Highly recommended for anyone desiring to support either party this year - will be an enlightening read no matter the side or the viewpoint - But I guarantee you will call yourself to question for your current views regardless of which side you are on today.
A Must Read for New Economists and Non Economists
Economics in One Lesson was written by a journalist, not an economist. That said, it offers clarity that many economists can't. But don't be fooled, Hazltt was one of the few journalists who could understand economics.
The book is designed to give you a basic understanding of economic thinking and logic. It is not filled with econometrics and regression analysis but with stories, thinking games, and logical puzzles.
The book is simple to read and comprehend yet absolutely devastating to socialist big-government thinking. The book moves through one logical fallacy of big government thinking after another, followed by examples of how absurd their thinking really is.
I recommend this as one a starter book on economic thinking right up their with Milton Friedman's free to choose. Minimal economic knowledge is required and you don't have to know any math. Basically...you should already know that a tariff or a duty is a tax on imported goods. If you don't, you should be able to figure that out based on the words usage in the text.
Final word: the simplest book for free market thinkers. If you like to argue with socialists, this book will give you the biggest bang for the buck.
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