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.


  1. Great book. No doubt about it.

    Remember when Alan Johnson was appointed shadow chancellor and he admitted that he was going to have to pick up a primer on economics? Well I always had this fantasy that George “I’m a classical liberal” Osbourne would kindly offer him a copy of Henry Hazlitt whilst debating in the Commons.

    like that was ever going to happen…

  2. I have read you CV, it seems that you never studied Economics; why dont you talk about what you know? The big problem today is that many people use to talk about Economics without any knowledge (it is called quackery!) , why dont you talk about medicine or astrophysics?
    I know that it is impossible you get the point, but I had to try…

    • What a stupid comment.

      Just having a degree in Economics does not mean you know what your are talking about.

      And Adam Smith didnt have a degree in economics either.