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Economics in One Lesson Chapters 1-3

  • Broadcast in Politics



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During this initial broadcast I will be discussing Henry Hazlitt's text "Economics in One Lesson" Chapters 1-3. The text is free for download through the Foundation for Economic Eduction and a link is provided for the free download on my blog page at http://wolfravenous.wordpress.com Chapter 1 is simply The Lesson. In a mere five pages Hazlitt succinctly summarizes the truth about economics and how the study applies within a society. The truths he reveals here are as relevant today as they were in the 50's when he published the text. Chapter two investigates how the lesson applies to the broken window scenario. This discussion does a simple truthful refutation of the Keynesian economic fallacy that aggregate demand boost is good regardless of the source or reason. Chapter three discusses the mistaken idea that economic growth is a silver lining to the cloud of destruction due either to natural disaster or war. Following shows will discuss other chapters within the book and their relevance to recent and current events.