Economics in One Lesson

New to Economics? Start here!

This book is a wonderful introduction to Economics for those (like myself) unfamiliar with the field. The author clearly and logically illustrates economic principles by examining what he takes to be the major economic fallacy of modern times: That all public spending and intervention is only good, and has no secondary consequences.

Mr. Hazlett sets out his one lesson in the first 20 minutes, and then uses the rest of his effort to illustrate using easily understood examples and actual scenarios. This contact with reality is refreshing for those wearied by the large amount of theoretical illustrations employed by other economists.

Although his views will be out of favour with many North Americans and their increasing devotion to government spending & protectionism, Hazlett presents a surprisingly balanced case for his one lesson.

As the examples unfold, we are reminded that unions are NOT always bad, government spending is NOT always bad, we DO need to consider those who have lost work due to large scale shifts in the workplace due to technology.

The one lesson comes back to it's origin: There are consequences to our actions.

We are encouraged to consider those consequences, think first, and then act. This is a bad thing?

34 of 39 people found this review helpful

Guide to Conservative Economics

While this book has a hugely conservative bent and doesn't take into account the value of any other economic ideas. It is a very good overview of the major arguments with which macro-economists work. It is quite insightful in some of its analogies and comparisons, and sure to be mind-expanding for those unfamiliar with economics.

21 of 25 people found this review helpful

Truly an amazing work.

The book explains sophisticated concepts in very understandable terms. It helped me analyze the strengths and weaknesses of various economic actions even though I had no real prior economics training. A must for lawyers, investors, or any person who uses money in society.

25 of 30 people found this review helpful

The truth about Economics

This book is excellent as it takes the myths that people have about economics and gives instruction on the falsehoods of those statements. Myths people have such as "War is good for the economy" etc. are expertly handled. This book was written some time ago and stands the test of time. These principles ring true years later. If you want to continue to believe that you can get something for nothing or that through higher taxes and more government spending you will have a greater society then don't buy this book. If you want to understand the truth of economics then look no further.

36 of 44 people found this review helpful

Should be required reading in every school.

As Hazlitt states, economists must simply throw up their hands trying to teach anyone when the bulk of the population has not even progressed an understanding of what Adam Smith wrote in the 17th century. Reading this book should be required prior to any citizen of any country being allowed to vote. This book, along with "Innumeracy" by John Allen Paulos, are the first two I read that have led me on a journey of voracious non-fiction reading to learn more about the myths I've been told and convinced to believe. From there to Sowell and Friedman, and beyond, economics informs (well, ... should inform) politics the way mathematics informs physics.

3 of 3 people found this review helpful

The Best Book on Economics

Would you consider the audio edition of Economics in One Lesson to be better than the print version?

Unknown

What other book might you compare Economics in One Lesson to and why?

Basic Economics by Thomas Sowell is equally brilliant.

Which scene was your favorite?

I don't understand the question

What insight do you think you’ll apply from Economics in One Lesson?

This book is all you need to know about economics and nothing you don't.

Any additional comments?

This is the best primer on economics ever. If you know nothing about economics you must listen to this book. This book explains how the economy actually works. It is as timely today as it was 30, 40 or 50 years ago.

3 of 3 people found this review helpful

Refresher

What did you love best about Economics in One Lesson?

This is a great refresher of basic economic principals. It takes the tact of refuting economic fallacies proffered by politicians pandering to various special interests and the broad voting class with little or no understanding of economics. While the book is somewhat dated in context having been rewritten in the late 1970s, the principals are intact. In fact, there are frightening correlations for our current state and many statements that foreshadow turmoil we have since encountered.

Economics should be taught in every high school and probably required before we receive the right to vote.

2 of 2 people found this review helpful

Hazlitt debunks the biggest fallacies

Dumb title, awesome content. For anyone interested in the truth about economics and government intervention. Hazlitt doesnt get caught up in numbers. Just the truth about economics and unintendend consequences of free market interventions. Great book for people just starting out with economics OR people already schooled in it. Suits the whole range.

5 of 6 people found this review helpful

Conservative editorial, not an economics textbook

What did you like best about Economics in One Lesson? What did you like least?

I mistakenly thought this was a basic textbook on economic theory - a good starting place or refresher. But it's not. Instead, it's a series of of arguments in favor of post-WWII conservative economic policies. It doesn't start with "what is economics" like a real course, but dives right into critiques of high taxes, big government, etc. It makes some good points, but it's so one-sided that it seems untrustworthy. Also, it's from the mid-1940's, and some of the proposals are obsolete. If the author had limited himself to teaching basic economic theory, the book would have aged better, but since he's arguing for specific doctrines, it's out of date. If you're very conservative, you might like hearing these arguments for what you already believe. If you're looking for an even-handed objective book on economic theory, I don't recommend this.

7 of 10 people found this review helpful

Excellent survey of economics

If you could sum up Economics in One Lesson in three words, what would they be?

Blast from past.

What was one of the most memorable moments of Economics in One Lesson?

While you listen to Hazlitt expound upon the mistakes of 1940's America, the darkness closes in on you as you realize that none of the lessons have been learned and that the same mistakes are being repeated. And not just repeated, but repeated with grandeur as Hazlitt predicted 70 and 40 years ago (the book was revised in the 1970's but not much).

What about Jeff Riggenbach’s performance did you like?

He has an engaging and professional voice.

1 of 1 people found this review helpful