“It is a brilliant performance. It says precisely the things which need most saying and says them with rare courage and integrity. I know of not 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, Author of the Road to Serfdom, 1974 Nobel Laureate in economic science
Written by Bryan Lutz, Editor at Dollarcollapse.com:
SuperTexts are books that seem to “cover it all.”
Here’s where I checked off SuperText number three…
Last month I attended Capitalism and Morality, a conference focused on Reason, Argumentation and Liberty.
Rick Rule, one of the Board of Directors for Students for Liberty, and precious metals investor recommended four books to read if you want freedom and wealth.
One I already wrote to you about, ‘Human Action’ by Ludwig Von Mises.
Today’s is…
‘Economics in One Lesson’ by Henry Hazlitt. (not an affiliate link)
The book was first published in 1946, which is why you may not have heard of it. Yet, almost every Economist, or gold proprietor who is not full-frontal Keynesian in the present day has read it.
The entire one lesson is four full pages of a basic novel-size paperback…
And the rest of the book, 188 pages later, applies the lesson in full.
The first application of the lesson is unforgettable. Maybe it will be for you too.
Ever since I read it, the story has stuck in my head. That’s why when I read the news now…
News on new government interventions, regulations, and anti-trust/monopoly laws all I see are “broken windows.”
I won’t tell you the one lesson, but I will tell you this simple story.
Whenever a window is broken, there are people who “look on the bright side” and say, “Great, a broken window will create work for others and benefit the economy overall.”
When really, the money could’ve gone towards making a profit, buying new machinery, or upgrading to better materials to produce a better product.
Overall, a broken window is a loss…
If you find one application in this book that sticks in your memory so you can apply it to other situations, then the book is well worth your time.
Actually, the one lesson, written to you in four pages is well worth your time.
That is the SuperText for today.
Read it, and you will “get” economics in one lesson.
