Economics In One Lesson | Steve Baker MP

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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