What You'll Learn:
Henry Hazlitt (1894-1993) was a 20th century American journalist, who specialized in business and economics. Widely regarded as one of the century’s best journalists in economics, Hazlitt wrote for numerous major publications, such as The Wall Street Journal and The New York Times. In addition to his journalistic endeavors, Hazlitt was a prolific author, publishing over two dozen works in his life. In 1946, after 30 years as an economics journalist, Hazlitt published his most famous book, Economics in One Lesson. It is a succinct distillation of key economic principles that often go unnoticed. The book is organized as a compendium of “economic fallacies.” By their refutation, Hazlitt draws out key features of economics for those with no prior education.
Key Insights:
- The whole of economics can be summed up in one important lesson.
- As taxes rise, private business as a whole diminishes.
- Contrary to popular myth, automation does not destroy jobs, it creates them.
- The free market operates on a price system, which maximizes efficiency.
- Minimum wage laws, broadly applied, increase unemployment and reduce production.
- De-emphasizing saving diminishes long-term national prosperity.
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