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The following links to a chapter-by-chapter summary of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson (PDF), prepared by Michael Dowsett during his internship.

This book acts as an invaluable and brief introduction to the basic concepts in economics, from the way in which prices are determined in a free economy to the follies of statism and economic planning. At its heart is the argument that politicians and officials should not just focus on the specific and short term effects of their policies, but should appreciate the long term, often damaging, outcomes which can result from government intervention. By doing so, those in positions of power can avoid harming the economy and society in the long run.

I’ll be releasing a chapter per week, starting in January 2012.

PART ONE: THE LESSON

I/ The Lesson

PART TWO: THE LESSON APPLIED

II/ The Broken Window

III/ The Blessings of Destruction

IV/ Public Works Means Taxes

V/ Taxes Discourage Production

VI/ Credit Diverts Production

VII/ The Curse of Machinery

VIII/ Spread-the-Work Schemes

IX/ Disbanding Troops and Bureaucrats

X/ The Fetish of Full Employment

XI/ Who’s “Protected” by Tariffs?

XII/ The Drive for Exports

XIII/ “Parity” Prices

XIV/ Saving the X Industry

XV/ How the Price System Works

XVI/ “Stabilising” Commodities

XVII/ Government Price-Fixing

XVIII/ What Rent Control Does

XIX/ Minimum Wage Laws

XX/ Do Unions Really Raise Wages?

XXI/ “Enough to Buy Back the Product”

XXII/ The Function of Profits

XXIII/ The Mirage of Inflation

XXIV/ The Assault on Saving

XXV/ The Lesson Restated

PART THREE: THE LESSON AFTER THIRTY YEARS

XXVI/ The Lesson After Thirty Years

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