Summary of Henry Hazlitt's Economics In One Lesson , livre ebook

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26 pages

English

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Please note: This is a companion version & not the original book.
Sample Book Insights:
#1 Economics is haunted by more fallacies than any other discipline. The field is full of people who see only the immediate effects of a policy, and ignore its long-term effects on all groups.
#2 The most common economic fallacies today are the result of ignoring this lesson. The opposite error is also possible: focusing only on the immediate consequences of an act or proposal.
#3 The basic lesson of economics is to understand and recognize the fallacies that stand in the way of understanding and recognizing the lessons. Through examples, we can learn to detect and avoid the crudest and most blatant fallacies first, and then some of the most sophisticated and elusive.

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Publié par	Everest Media LLC
Date de parution	13 mars 2022
Nombre de lectures	0
EAN13	9781669353713
Langue	English
Poids de l'ouvrage	1 Mo

Informations légales : prix de location à la page 0,0150€. Cette information est donnée uniquement à titre indicatif conformément à la législation en vigueur.

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Insights on Henry Hazlitt's Economics in One Lesson
Contents Insights from Chapter 1 Insights from Chapter 2 Insights from Chapter 3
Insights from Chapter 1

#1

Economics is haunted by more fallacies than any other discipline. The field is full of people who see only the immediate effects of a policy, and ignore its long-term effects on all groups.

#2

The most common economic fallacies today are the result of ignoring this lesson. The opposite error is also possible: focusing only on the immediate consequences of an act or proposal.

#3

The basic lesson of economics is to understand and recognize the fallacies that stand in the way of understanding and recognizing the lessons. Through examples, we can learn to detect and avoid the crudest and most blatant fallacies first, and then some of the most sophisticated and elusive.
Insights from Chapter 2

#1

The crowd was right in its first conclusion: the broken window would in the first instance mean more business for some glazier. But the baker would have to spend $250 that he was planning to spend on a new suit. Instead of having a window and $250, the baker now has only a window.

#2

The broken-window fallacy is a classic example of how people can be led to believe that small acts of destruction can bring about large economic benefits.

#3

After a war, there is normally a temporary increase in productivity. However, this does not mean that the destruction of war is an advantage to the person whose property was destroyed.

#4

The destruction of war does not increase total demand. It is the same thing looked at from different directions. There is an optimum rate of replacement, a best time for replacement.

#5

Plants and equipment cannot be replaced by an individual or a socialist government unless they have acquired or can acquire the savings to make the replacement. But war destroys accumulated capital.

#6

The faith in government spending is still present today. Outside of the free gifts of nature, everything we get must be paid for in some way. The world is full of economists who believe that the government can spend without taxing.

#7

A bridge is built if it meets an insistent public demand, and if it solves a traffic problem or a transportation problem otherwise insoluble. But a bridge built primarily to provide employment is a different kind of bridge.

#8

The government spenders have the better argument with those who cannot see beyond the immediate range of their physical eyes. They can see the bridge, but if they have taught themselves to look for indirect as well as direct consequences, they can see the unbuilt homes, cars, and foodstuffs in their imagination.

#9

The same applies to public works that require funding through taxes. All that happens is that money is taken away from families of higher income to subsidize those of lower income, who then live in better housing for the same or lower rent.

#10

When taxes are taken from individuals and corporations, and spent in one particular section of the country, why should it be a miracle if that section becomes comparatively richer. Other sections of the country become comparatively poorer.

#11

I have chosen the most favorable examples of public spending schemes, which are typically the most vigorously advocated by the government spenders and most widely accepted by the public. The usefulness of the project itself becomes a secondary consideration under such circumstances.

#12

There is another factor that makes it unlikely that the wealth created by government spending will fully compensate for the wealth destroyed by the taxes imposed to pay for that spending. The government spenders forget that they are taking the money from A to pay it to B.

#13

When the total tax burden grows beyond a tolerable size, the problem of designing taxes that do not discourage and disrupt production becomes insoluble.

#14

The question of government credit is often complicated by the possibility of inflation. However, we will assume that the credit we are discussing is noninflationary. All loans, in the eyes of honest borrowers, must eventually be repaid.