For those of you who have perused this blog a while, you’ve noticed that I’m becoming ever more interested in the subject of economics. I am certainly no expert and I have a lot to learn but the subject simply fascinates me and one of the biggest draws, for me at least, is that by becoming familiar with economic fundamentals, I’m enabled to listen intelligently to the news. Especially during these times of huge government deficits, job-creation talks, balanced budget amendment proposals and debt ceiling debates, the ability to listen discerningly to the terms that are constantly thrown around by economic pundits, how they are defined and re-defined helps tremendously.
In Henry Hazlitt’s Economics in One Lesson the author brilliantly lays out the fallacies (errors in logical thinking) involved in the public discussion and application of economics. He addresses topics such as:
- Short term vs. long term views of economic principle and policies
- Do public works truly stimulate the economy?
- How much taxation is too much?
- Does all automation destroy jobs in the long term?
- Does full employment always mean full production?
- Who’s “protected” by tariffs?
- Saving the X Industry (Bailout anyone?)
- How does government price fixing work?
- Minimum wage laws and what they really do
- Do unions really raise wages?
- What is the function of profits? What truly causes Inflation? What does it truly mean to save and create wealth?
Do any of these topics sound interesting or applicable to what you’re hearing in today’s political talk in the media? Get this. Hazlitt wrote this in 1946! The principles he lays out and the fallacies he exposes could have been written about current events today! This, to me, gives weight to his school of thought. If his economic worldview could be applied to virtually every day and age, it bolsters its credibility. Instead of fly-by-night knee jerk reactionary policies, Haziltt, a member of the Austrian school of economics, gives common sense explanations to what most of the political world would prefer to keep as complicated as possible. I highly recommend this book, especially if you’ve never jumped into the topic of economics before. Or, if you’re like me, don’t remember squat from high school.
You can buy it from The Mises Institute HERE.