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Economics in One Lesson: tariffs and the drive for exports


Today, I continue my précis of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, with two chapters covering tariffs and the drive for exports. The index page is here. Who’s “Protected” by Tariffs? The Drive for Exports On this subject, see also Razeen Sally’s excellent Trade Policy, New Century: The WTO, FTAs and Asia Rising. For the impatient: buy or download Economics in One Lesson.

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Economics in One Lesson: two chapters on employment


I’m currently publishing a précis of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, two chapters on employment: Disbanding Troops and Bureaucrats and the rather unfortunately titled chapter, The Fetish of Full Employment Buy or download Economics in One Lesson.

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Economics in One Lesson: VIII – Spread the Work Schemes


I’m currently publishing a weekly précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. After a short break, this week, Spread-the-work Schemes, the consequence of the fallacy that there is only a limited amount of work to be done. Buy or download Economics in One Lesson.

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Economics in One Lesson: VII – The Curse of Machinery


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, The Curse of Machinery, which destroys the luddite fallacy that mechanisation makes us all poorer. For example, from the original: Among the most viable of all economic delusions is the belief that machines on net balance create unemployment. Destroyed a thousand times, it […]

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Economics in One Lesson: VI – Credit Diverts Production (or why ‘credit easing’ is a dreadful idea)


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, […]

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Economics in One Lesson: V – Taxes Discourage Production


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, Taxes Discourage Production, which discusses how taxes and government spending inhibit progress, hamper the development of real wages and worsen unemployment. The original chapter is only two pages and can be read here. Buy or download Economics in One Lesson.

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Economics in One Lesson: IV – Public Works Means Taxes


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, Public Works Means Taxes, which explains that people forget the unseen cost of political infrastructure projects… Buy or download Economics in One Lesson.

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Economics in One Lesson: III – The Blessings of Destruction


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, The Blessings of Destruction, an extension of The Broken Window Fallacy. Buy or download Economics in One Lesson.

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Economics in One Lesson: II The Broken Window


Every week over 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, The Broken Window, an old fallacy about the supposed blessings of destruction. Buy or download Economics in One Lesson.

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New quick guide: Economics in One Lesson


Every week for the next 26 weeks, I’ll be publishing a précis of a chapter of Henry Hazlitt’s brilliant 1946 book, Economics in One Lesson, prepared by Michael Dowsett during his internship. The index page is here. This week, in just 189 words, The Lesson. Of course, there is no substitute for reading the book: buy, download.

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