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

14 Dec 1988

by Henry Hazlitt

This revised and updated edition of Hazlett's well-regarded exposition of general economic principles examines, in layman's terms, the effects of inflation, recession, and the growing tax revolt


Pages: 218

Publisher: Crown Business

Overall: 38% of the 144 mentions are positive, 43% are neutral and 19% are negative.



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144 mentions sorted by:
  • A government agency isn't a part of the free market. The hypothetical free market solution would be having multiple completing licensing agencies (like you have with some goods like plastics/oils) that other companies require to work with them (at the community level or otherwise) and if any of them were to openly violate trust they would be thrown out and one of the other companies would be preferred. Would require very different infrastructure but that's not surprising as you'd have to be a bit confused to call the current system a free market. It's also not mythical it's a pretty clearly explained and defined thing. Here is a good intro book. https://www.amazon.com/Economics-One-Lesson-Shortest-Understand/dp/0517548232/
    7 points in /r/technology by sdv92348h2f0h8240h | 27 May 2017
  • May I recommend Henry Hazlitt's excellent Economics in One Lesson? It's a short; timeless explanation of the basics. You can find it here.
    2 points in /r/changemyview by NewbombTurk | 24 May 2017
  • >I do want strong public education and universal healthcare. However; I want those services to be provided with the most efficient use of tax dollars instead of that money being pissed away. Yikes; Please read
    11 points in /r/libertarianmeme by LibertyLOL | 19 May 2017
  • This This This This
    -5 points in /r/DebateFascism by rammingparu3 | 02 May 2017
  • I think your tone betrays some bias.

    The argument is that lower corporate taxes along with a decreased repatriation tax will incentivize investment in our economy; since we will be relatively more competitive than other developed nations (right now we are among the least competitive). Higher investment -> more wealth creation -> more tax revenue. Dynamic scoring attempts to account for wealth increase; while static scoring assumes that the wealth is policy invariant. With regards to classical economics; the theory is solid. Whether it is empirically true is hotly contested. Personally I think it's worth a shot.

    If you're interested in learning more about classical economics; this book is quite good.
    4 points in /r/Libertarian by bushforbrayns | 28 Apr 2017

  • You should really read an economics book because your response is illogical. This book is very good. Technological innovation creates wealth and increases purchasing power; not the other way around. The time from the industrial revolution to the baby boomer generation involved massive leaps in automation; and yet the middle class became much better off. The period to which OP refers comes after massive automation. Your timeline is wrong. The wealth created from automation is specifically what gave individual men the purchasing power necessary to support a family.

    No; the answer has to do with inflation - specifically the switch to free-floating fiat currency in Nixon's economic reforms - which led to a massive transfer of wealth to the top; which continues to this day. Inflation devalues a currency; which wipes out the effect of minimum wage laws; and folks at the top are the closest to the printing press so they benefit while those furthest from the printing press are disproportionately harmed.

    Both concepts are discussed in the book I linked. You would do well to read it.
    1 points in /r/explainlikeimfive by bushforbrayns | 19 Apr 2017

  • The answer is fairly straightforward economics. No need to call anybody racist like the silly answer given by /u/BitOBear.

    Chapter 23 of Henry Hazlitt's Economics in One Lesson explains that the purpose of inflation is to cancel out minimum wage laws. Devalue the currency and suddenly businesses can afford to pay $15/hour to flip burgers. But inflation is worse than that; it necessarily involves a wealth transfer from the poor to the rich (since the wealthiest folks are those closest to the newly minted money). This is very useful to people in power because the effects are largely indirect and invisible.

    The Nixon Shock of 1971 removed the exchangability of US dollars and gold; instituting a freely floating currency and unleashing the Federal Reserve's power to devalue the dollar with impunity. This has involved a massive transfer of wealth from the bottom to the top; sucking purchasing power out of the middle class and resulting in the current situation that OP is inquiring about.

    This chart shows inequality over time and illustrates what happened since the 70's.
    6 points in /r/explainlikeimfive by bushforbrayns | 19 Apr 2017

  • Your response is very silly. The answer to OP's question is far simpler - no need to call anybody racist - and has to do with economics. Chapter 23 of Henry Hazlitt's Economics in One Lesson explains that the purpose of inflation is to cancel out minimum wage laws. Devalue the currency and suddenly businesses can afford to pay $15/hour to flip burgers. But inflation is worse than that; it necessarily involves a wealth transfer from the poor to the rich (since the wealthiest folks are those closest to the newly minted money). This is very useful to people in power because the effects are largely indirect and invisible.

    The Nixon Shock of 1971 removed the exchangability of US dollars and gold; instituting a freely floating currency and unleashing the Federal Reserve's power to devalue the dollar with impunity. This has involved a massive transfer of wealth from the bottom to the top; sucking purchasing power out of the middle class and resulting in the current situation that OP is inquiring about.

    This chart shows inequality over time and illustrates what happened since the 70's.
    11 points in /r/explainlikeimfive by bushforbrayns | 19 Apr 2017