Economics in One Lesson - Hispanic American Center for Economic Research

ECONOMICS IN ONE LESSON

Other books by the same author

THINKING AS A SCIENCE THE ANATOMY OF CRITICISM A NEW CONSTITUTION NOW A PRACTICAL PROGRAM FOR AMERICA ( E d i t o r )

ECONOMICS

IN

ONE LESSON

By Henry Hazlitt

HARPER & BROTHERS PUBLISHERS

New York and London

ECONOMICS IN ONE LESSON

Copyright, 1946, by Harper & Brothers Printed in the United States of America

All rights in this book are reserved. No part of the book may be reproduced in any manner whatsoever without written permission except in the case of brief quotations embodied in critical articles and reviews. For information

address Harper 6? Brothers

r.-c

CONTENTS

PART ONE: THE LESSON

I. The Lesson

PART TWO: THE LESSON APPLIED

II. The Broken Window m. The Blessings of Destruction iv. Public Works Mean Taxes v. Taxes Discourage Production vi. Credit Diverts Production vn. The Curse of Machinery vni. Spread-the-Work Schemes ix. Disbanding Troops and Bureaucrats x. The Fetish of Full Employment xi. Who's Protected by Tariffs? xn. The Drive for Exports xni. "Parity" Prices xrv. Saving the X Industry xv. How the Price System Works xvi. "Stabilizing" Commodities xvn. Government Price-Fixing XVHI. Minimum Wage Laws xix. Do Unions Really Raise Wages? xx. "Enough to Buy Back the Product" xxi. The Function of Profits xxn. The Mirage of Inflation

XXIII. The Assault on Saving

PART THREE: THE LESSON RESTATED

xxrv. The Lesson Restated

V

3

II

13 i9 27 30 4i 56 63 . 68 7i 85 9i ioo 107

u6

125 137 143 159 163 173 190

211

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