F.A. Hayek on Economics in One Lesson

No other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time.

~ F.A. Hayek

Kevin Duffy on Krugmanomics and real economics

Krugmanomics: never trust the people (the free market), always trust the government. There is no problem that can't be solved by government spending, borrowing, taxing and printing. Whenever this leads to a crisis - which it inevitably does - blame it on the free market and respond with more government. Rinse and repeat... until the government runs everything and you've turned your economy into the former Soviet Union or Venezuela. 

If you want real economics, turn off this charlatan and read Economics in One Lesson by Henry Hazlitt.

~ Kevin Duffy, April 25, 2021

(For a free copy of Hazlitt's 1946 classic, click here.)

Henry Hazlitt on economics

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.

~ Henry Hazlitt, Economics in One Lesson, Chapter 1: "The Lesson," p. 17

Henry Hazlitt on the differences between the good and bad economist

The bad economist sees only what immediately strikes the eye; the good economist looks beyond.  The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences.  The bad economist sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups.

~ Henry Hazlitt, Economics in One Lesson, Chapter 1: "The Lesson," p. 16

Henry Hazlitt on why economics is prone to fallacies

Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics or medicine — the special pleading of selfish interests.

 ~ Henry Hazlitt, Economics In One Lesson (1946)

Walter Block endorses Hazlitt's Economics in One Lesson

People instinctively are anti-market.  And it takes an effort of will, or understanding, or knowledge of the sort that Henry Hazlitt so magnificently supplies [in Economics in One Lesson] to pierce through this ignorance.

Walter Block, interview with Jeffrey Tucker about Economics in One Lesson, (9:04), 2008