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Economics In One Lesson by Henry Hazlitt

Reviewed by Julio Camoriano

I have just read a most interesting book, Economics in one Lesson by Henry
Hazlitt.  I believe it should  be required reading for people in this country, who, professing to know  the principles of economics, try to dictate fiscal policy for “the good of the country.”  It is very obvious that these people are not aware of some of the principles of good economics such as:

 Increased  production should take precedence over full employment  (You can have full employment and produce very little.)
 
Higher taxes discourage production  (If a corporation gives the government its money, what’s it going to produce with?)

Public works mean higher taxes  (The government never pays for any public work, you and I do it.)

It is amazing that with the shortsightedness of the country’s bad economists, we still seem to have a reasonably viable economy! For instance, ideas being expounded today insist that technology creates unemployment, so we should try to discourage the manufacture of labor saving machinery.

If a business finds itself in economic difficulty, it is assumed that the government will step in and help with some kind of bailout package. (Such as
the recent demands by the airlines, railroads and post office.) That way, jobs will be saved, the economists say. But wait a minute!  How many jobs will be sacrificed because the money needed to pay Paul will surely come from Peter?

The idea being promoted by today’s economists is:  since we, the citizens,
don’t know how to spend our money, it is always better to let government do it for us.  However, anyone who reads Harry Hazlitt’s book, will know better!
 

Julio Camoriano
Kansas City, MO

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