Economics in One Lesson Essay - 2007 Words

Economics in One Lesson By Henry Hazlitt Dan Gardner History of Economics 360-001 Dr. Smith March 8, 2005 Economics in One Lesson By Henry Hazlitt Henry Hazlitts book, Economics in one lesson, brings to perspective numerous topics that are mainstream issues in the economy today. His book breaks down in detail specific concepts that have their effects on the economy. Hazlitt explains topics such as war and the expenses, the tariff system, and productivity and the minimum wage laws. One concept Hazlitt emphasized on was how economics was viewed for temporary needs, versus more permanently viewed. In addition to theses endless pleading of self-interest, there is a second main factor that spawns new economic fallacies†¦show more content†¦After the war, it is a great chance that commodity will become a demand because it will be presented as going back on the market. This does not mean that a great economy is built because of a war. The economy balances out just after a war takes place. When two countries go to war, land is destroyed, buildings need to be replaced, and in turn money is what is sought so the rebuilding process can begin. It does not necessarily create more jobs, but more money is being used to support what has been lost than what has been gained. What happens after the job is done before the war and after the war? Jobs are again lost and the economy is again at the same point from where they started before the war began. A case can be made for the Civil War, in that industry had boomed due to the fact of the war. But think of all the things that were lost in the process. Many families in the south were reduced to poverty, land was destroyed and unusable for a time, agriculture met a sharp decline, but in the long run things would be better for the people in the south. Hazlitt also makes a good point when he mentions the fetish of full employment. We cannot continuously have the fullest production without full employment. But we can very easily have full employment without full production (Hazlitt p71). This statement is very true. Just because everyone has jobs it does not mean that everyone will be making what they are actually worth. Full employmentShow MoreRelatedEconomics in One Lesson Essay1093 Words   |  5 PagesEconomics in One Lesson is an introduction to free market economics written by Henry Hazlitt and published in 1946. Hazlitt begins his monumental book by describing the problems with economic science, showing that its fallacies are greatly exacerbated compared to other scientific fields because of special interests in government. The special interest groups consistently advocate policies that they benefit from at the expense of everyone else. 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