Economics in One Lesson

This text presents excerpts from Henry Hazlitt’s Economics in One Lesson, a book critiquing common economic fallacies. The introduction by Walter Block praises Hazlitt’s work as a timeless classic, highlighting its insightful analysis of flawed economic reasoning. Hazlitt’s preface emphasizes the prevalence of these errors in government policies worldwide. The excerpts themselves illustrate these fallacies through examples like the broken window fallacy and the mistaken belief that government spending creates wealth. Hazlitt argues that a thorough understanding of economics requires considering both immediate and long-term consequences, as well as the effects on all groups involved, not just special interests.