©1962, 1979 by Henry Hazlitt; (P)1996 by Blackstone Audiobooks
"If there were a Nobel Prize for clear economic thinking, Mr. Hazlitt's book would be a worthy recipient...like a surgeon's scalpel, it cuts through...much nonsense that has been written in recent years about our economic ailments." (J.W. Hanes, former Undersecretary of the Treasury)
The book explains sophisticated concepts in very understandable terms. It helped me analyze the strengths and weaknesses of various economic actions even though I had no real prior economics training. A must for lawyers, investors, or any person who uses money in society.
This book is a wonderful introduction to Economics for those (like myself) unfamiliar with the field. The author clearly and logically illustrates economic principles by examining what he takes to be the major economic fallacy of modern times: That all public spending and intervention is only good, and has no secondary consequences.
Mr. Hazlett sets out his one lesson in the first 20 minutes, and then uses the rest of his effort to illustrate using easily understood examples and actual scenarios. This contact with reality is refreshing for those wearied by the large amount of theoretical illustrations employed by other economists.
Although his views will be out of favour with many North Americans and their increasing devotion to government spending & protectionism, Hazlett presents a surprisingly balanced case for his one lesson.
As the examples unfold, we are reminded that unions are NOT always bad, government spending is NOT always bad, we DO need to consider those who have lost work due to large scale shifts in the workplace due to technology.
The one lesson comes back to it's origin: There are consequences to our actions.
We are encouraged to consider those consequences, think first, and then act. This is a bad thing?
Family on the move.
While this book has a hugely conservative bent and doesn't take into account the value of any other economic ideas. It is a very good overview of the major arguments with which macro-economists work. It is quite insightful in some of its analogies and comparisons, and sure to be mind-expanding for those unfamiliar with economics.
This book is excellent as it takes the myths that people have about economics and gives instruction on the falsehoods of those statements. Myths people have such as "War is good for the economy" etc. are expertly handled. This book was written some time ago and stands the test of time. These principles ring true years later. If you want to continue to believe that you can get something for nothing or that through higher taxes and more government spending you will have a greater society then don't buy this book. If you want to understand the truth of economics then look no further.
The way economics is explained today is intimidating. Henry Hazlitt takes the intimidation out of it and lays out a common sense masterpiece that half a century later is as relevant today as when it was written.
Very a-matter-of-fact with data to reinforce positions. However, no political positions are taken. Speaks of whole economics between nations and within governments, not personal or very much business economics. This book could of been written yesterday on topics such as, unions, welfare, stimulus, subsities, government price fixing and tarrifs.
Dumb title, awesome content. For anyone interested in the truth about economics and government intervention. Hazlitt doesnt get caught up in numbers. Just the truth about economics and unintendend consequences of free market interventions. Great book for people just starting out with economics OR people already schooled in it. Suits the whole range.
I teach economics in high school and enjoyed this book but for the average person this would not be an interesting read. It would be beneficial and worthwhile but not interesting.
Better understanding of the subject by the author
Book was enjoyable, alright!
Narrator was just fine.
Certainty, where none exists is dangerous. Some concepts are well explained. The broken window myth, war stimulates the economy myth, building unnecessary things to stimulate economy myth, etc are great. The author starts out to refute "myths of economy", and yet ironically creates and propagates many myths, worse than the ones he sets out to refute in the first place. First fallacy is assuming that economy is a hard science like mathematics. It may be, but all the factors in the equation are not yet fully known. Drawing definite conclusions with many unknown factors is premature. This leads to certainty, where it does not exist and that's the root of many evils.
Another fallacy assumed in this book is that all purchases of goods and services and savings lead to wealth creation. iPad is a good example. Watching movie is another. The money spent does not create wealth for the spender. He simply purchases entertainment. The value of goods or services acquired does not remain the same or increase in all cases. The transaction, however, makes the society richer. The ability to purchase such goods, whose value will declines with time is the hallmark of a wealthy society.
Another biggest fallacy is the assumption that one billion dollars in the hands of one man in a society of a million people is the same as a range of distribution from, say a hundred to million dollars in the hands of all the million people. While the society has a billion in both cases, 999,999,999 are poor in the first and there's a range in the second with varying degrees of purchasing power.
These any many more definite conclusions drawn based on false premises combined with simplicity of explanation make this not merely untrue, but a dangerous book in the hands of few manipulative leaders and a larger herd of unquestioning, uncritical masses. read (listen) very critically.
I encourage readers to read or listen to black swan and fooled by randomness.
If you've ever wondered about the effects of government intervention in the economy and why they continue to try failed policies, this is the book for you.
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