Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics

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Overview

A million copy seller, Henry Hazlitt’s Economics in One Lesson is a classic economic primer. But it is also much more, having become a fundamental influence on modern “libertarian” economics of the type espoused by Ron Paul and others.

Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He...

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Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics

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Overview

A million copy seller, Henry Hazlitt’s Economics in One Lesson is a classic economic primer. But it is also much more, having become a fundamental influence on modern “libertarian” economics of the type espoused by Ron Paul and others.

Considered among the leading economic thinkers of the “Austrian School,” which includes Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an influential libertarian publication.  Hazlitt wrote Economics in One Lesson, his seminal work, in 1946. Concise and instructive, it is also deceptively prescient and far-reaching in its efforts to dissemble economic fallacies that are so prevalent they have almost become a new orthodoxy.

Many current economic commentators across the political spectrum have credited Hazlitt with foreseeing the collapse of the global economy which occurred more than 50 years after the initial publication of Economics in One Lesson. Hazlitt’s focus on non-governmental solutions, strong — and strongly reasoned — anti-deficit position, and general emphasis on free markets, economic liberty of individuals, and the dangers of government intervention make Economics in One Lesson, every bit as relevant and valuable today as it has been since publication.

A straightforward analysis of economic fallacies that are so prevalent that they have almost become a new orthodoxy.

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Editorial Reviews

From the Publisher
"A magnificent job of theoretical exposition."

—Ayn Rand

“I strongly recommend that every American acquire some basic knowledge of economics, monetary policy, and the intersection of politics with the economy. No formal classroom is required; a desire to read and learn will suffice. There are countless important books to consider, but the following are an excellent starting point: The Law by Frédéric Bastiat; Economics in One Lesson by Henry Hazlitt; What has Government Done to our Money? by Murray Rothbard; The Road to Serfdom by Friedrich Hayek; and Economics for Real People by Gene Callahan.
If you simply read and comprehend these relatively short texts, you will know far more than most educated people about economics and government. You certainly will develop a far greater understanding of how supposedly benevolent government policies destroy prosperity. If you care about the future of this country, arm yourself with knowledge and fight back against economic ignorance. We disregard economics and history at our own peril.”

—Ron Paul, Senator from Texas

Library Journal
This 50th-anniversary edition of Hazlitt's million-selling volume has been updated to include current statistics and an introduction by presidential aspirant Steve Forbes. This lay reader's guide has a place in all collections.
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Product Details

  • ISBN-13: 9780517548233
  • Publisher: Crown Publishing Group
  • Publication date: 12/28/1988
  • Pages: 224
  • Sales rank: 51,130
  • Product dimensions: 5.12 (w) x 7.96 (h) x 0.60 (d)

Meet the Author

Henry Hazlitt (1894-1993), was a libertarian philosopher, an economist, and a journalist. He was the founding vice-president of the Foundation for Economic Education and an early editor of The Freeman magazine, an important libertarian publication.  Hazlitt wrote Economics in One Lesson, his seminal text on free market economics, in 1946, bringing his ideas and those of the so-called Austrian School to the American scene. His work has influenced the likes of economist Ludwig von Mises, novelist and essayist Ayn Rand, and 2008 Libertarian Party Presidential nominee and congressman, Ron Paul. Hazlitt has been cited as one of the most influential literary critics and economic writers of his time.

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Customer Reviews

Average Rating 4.5
( 50 )
Rating Distribution

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(32)

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(11)

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See All Sort by: Showing 1 – 20 of 50 Customer Reviews
  • Posted January 8, 2009

    A Factual Understanding of How an Economy Truly Works

    I have an undergraduate degree in economics and highly recommend this book. Despite it having been written more than 60 years ago its wisdom is timeless, and describes the actual functions of market systems vs command economies. Upon completion of this book you will have a better understanding of economics than do our national leaders. Hazlitt informs his readers of both the short term and long term consequences of most forms of political manipulation of the market. Pay attention to the inflation chapter, as Hazlitt, in the final paragraph, correctly predicted our current financial situation.......60 years ago! If only more people understood the danger of the Fed and other market interventions.

    14 out of 14 people found this review helpful.

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  • Anonymous

    Posted July 5, 2008

    A reviewer

    Hazlitt uses the example of the 'broken-window' fallacy to critique economic arguments made by people who haven't really thought about what they are saying. The book is great, although a more precise title might have been 'Common Fallacies of Economics.' The main theme of the book is to look at the effects of economic policies not on select groups, but on the whole, and to look at both short-term and long-term consequences.

    8 out of 9 people found this review helpful.

    Was this review helpful? Yes  No   Report this review
  • Anonymous

    Posted April 24, 2010

    I Also Recommend:

    Must read for today

    an answer for todays big govt control of the free market and why the solutions offered by big govt always fail and end up needing MORE CONTROL FROM GOVT. also explains the way proponents of big govt forces the discussion away from facts and to feelings and insults to both opponents and the public. (IE. YOU'RE too STUPID to understand economics!) read this to help understand your future and how the past predictions are coming true. it was originally written in 1946 and is more relevant today than ever.

    6 out of 6 people found this review helpful.

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  • Posted January 9, 2010

    This book is relevant today

    This book, as the title shows, is purely written about basic economics and basic economic principles that have been developed since Frederic Bastiat. Its good for those that haven't ever taken an economics class since it requires no prior knowledge of economics (to some degree, I would recommend it only for people in High School +). Plus, the book is very revealing. It walks through every failed economic policy, or sophism, he has seen that is in use and explains why they are wrong, along with examples. A good read, and I highly recommend it.

    5 out of 5 people found this review helpful.

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  • Anonymous

    Posted April 26, 2006

    tough

    Hazlitt is tough. No he is not difficult. There are no real jargon. He is a master of argumentaion. It doesn't matter what his idealogy is. (He is a hard core classic econ.) AFter reading this, you will be able to argue economics whatever way you want to. I was surprised by myself. I aquired enough vocab and fucion of econ to do some arguing on my own. Yes, this is my first book on the subject. And I may be naive. But worth the buck.

    5 out of 6 people found this review helpful.

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  • Posted November 27, 2009

    One-sided, illogical.

    If you want to learn about economics strictly from the Austrian school of thought, read this. If you want to learn about economics, read something less biased. Or at least something that wasn't written in 1946. This guy thinks he has "debunked" John Maynard Keynes but he really hasn't. To read this book you'd think that liberals were out there, waiting to break windows in order to waste your tax dollars. Instead of representing Keynes' argument accurately, Hazlitt makes broad generalizations that mislead. If you're serious about the subject, read something less bias.

    4 out of 27 people found this review helpful.

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  • Posted March 29, 2012

    more from this reviewer

    I Also Recommend:

    If You Vote, Buy this Book

    Those who want to vote should be familiar with the economic repercussions of public policy. That in mind, I believe all who wish to vote should, as soon as possible, acquire a copy of this book.

    Hazlitt's writing isn't always the clearest, but his logic is impeccable.

    This is THE single most important book I recommend to everyone.

    3 out of 3 people found this review helpful.

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  • Posted February 5, 2011

    Simple Straight Common Sense

    When the economic affairs of the country and overseas are put into such straight forward simple to understand terms, the light bulbs will flash off. You will get the sense that, hey, they're right...when the federal government takes more money out of the private sector and places it into "projects" real inefficiencies and wage distortions are empirically evidenced. God forbid where we are in 2011. (This is not a new text written for these times, but you can see that the shoe still fits). Those that are not cognizant of history are doomed to repeat it.)

    3 out of 3 people found this review helpful.

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  • Anonymous

    Posted March 16, 2009

    Enlightening!

    This book tells about the American economy and various economic policies and things that can happen within the economy. It is a great read and really opens your eyes to how much the government messes with the economy.

    3 out of 4 people found this review helpful.

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  • Anonymous

    Posted July 26, 2012

    Every economist G The m Every economist should be aware of this.

    Not so much a critique of Keynsian social engineering as it is a plea for more long-term consideration in public policies.

    0 out of 1 people found this review helpful.

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  • Posted March 29, 2012

    more from this reviewer

    I Also Recommend:

    Those who want to vote should be familiar with the economic repe

    Those who want to vote should be familiar with the economic repercussions of public policy. That in mind, I believe all who wish to vote should, as soon as possible, acquire a copy of this book.

    Hazlitt's writing isn't always the clearest, but his logic is impeccable.

    This is THE single most important book I recommend to everyone.

    Was this review helpful? Yes  No   Report this review
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    Posted December 10, 2009

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