Preview
Preview

Economics in One Lesson By Henry Hazlitt Essay example

No Works Cited
Length: 1976 words (5.6 double-spaced pages)
Rating: Yellow      
Open Document
Need writing help? Check your paper »



- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -


Henry Hazlitt’s book, Economics in one lesson, brings to perspective numerous topics that are mainstream issues in the economy today. His book breaks down in detail specific concepts that have their effects on the economy. Hazlitt explains topics such as war and the expenses, the tariff system, and productivity and the minimum wage laws.
     One concept Hazlitt emphasized on was how economics was viewed for temporary needs, versus more permanently viewed.
     “In addition to theses endless pleading of self-interest, there is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences” (Hazlitt p15-16).
     This simple fact that Hazlitt brought up is the dominating factor that separates good and bad economics. A good economist will look at the effects a certain policy will have on all groups, while a bad economist will only see the effects that a policy will have on a particular group. This ties in with the long-run effects because if a group is only looking at how a policy will affect itself then in the future another group that was affected could lose their business because of the way the first group viewed a policy. For example if a clothing company decides to increase revenues by selling more products at a lower price, it will cause the company that has to supply the materials for the shirt to have to increase the amount of materials they need to use in order to keep up with the sales the clothing company makes. If the shirt company acted in the best interest of all the groups they would make sure the company that is supplying the materials is able to increase production instead of making the decision on their own. The bad economist believes that tomorrow is not as important as what is at hand today. “Nine-tenths of the economic fallacies that are working such dreadful harm in the world today are the result of ignoring this lesson. Those fallacies are stem from one of two central fallacies or both: that of looking only at the immediate consequences of an actor o proposal, and that of looking at the consequences only for a particular g...


... middle of paper ...


... that were not as clear, and not as strong. The broken glass itself is not a blessing, but because it helps the economy overall, that can be a blessing. Hazlitt made a good point explaining this in great detail. He also thoroughly explained how war does increase production but only to the point where everything goes back to normal. Jobs do open up for people as long as there is war, but as soon as it is over the economy usually goes right back to where it started before the war. Hazlitt also made a good point about employment and how full employment does not exactly make the situation better for that person because there are many institutions that have full employment and there are no benefits for the employer. In dealing with credit system, Hazlitt pointed out how a person that is having trouble economically seems to have a better chance to get yet another loan that will most likely not get paid back, as opposed to a person that can pay it back immediately does not usually receive one at first glance. Overall Hazlitt did a great job, especially emphasizing on the long-run economics as the best way to handle things and not the short, quick, and temporary way of handling business.


Click the button above to view the complete essay, speech, term paper, or research paper

Need Writing Help?

Get feedback on grammar, clarity, concision and logic instantly.

Check your paper »







This essay is 100% guaranteed.


Title Length Color Rating  
Wars are Not Good for the Economy Essay - One of the more enduring myths in Western society is that wars are somehow good for the economy. Many people see a great deal of evidence to support this myth, after all World War II came directly after the Great Depression. This faulty belief stems from a misunderstanding of the economic way of thinking. The standard "a war gives the economy a boost" argument goes as follows: Let's suppose that the economy is in the low end of the business cycle, so we're in a recession or just a period of low economic growth....   [tags: Economics War] 1860 words
(5.3 pages)
Powerful Essays [preview]
The Life of John Maynard Keynes Essay - John Maynard Keynes was born June 5, 1885 in Cambridge, England. His father was an economist and philosopher and lectured at Cambridge University, while his mother was the first female mayor of their town. (BBC) At a young age Keynes was influenced by his father and began questioning what interest was. He had poor health which made it difficult to attend school when he was young but, he was instead tutored by a governess and his mother, who was one of the first female graduates from Cambridge University....   [tags: mathematics, economics, anti-establshment]
:: 4 Works Cited
778 words
(2.2 pages)
Strong Essays [preview]
Demand: One of the Pillars of Economics Essay - Demand and Quantity Demanded There is a clear distinction between demand and quantity demanded; furthermore, they have their own significance in the economics arena. In economics, the term demand refers to the will associated with purchasing a product, which one can afford, meaning that the price must be contained within the fiscal reach of the consumer. Demand is also a combination of aspiration to possess something, capability to pay for it and the willingness to reimburse. An example is the ability of citizens to pay for education, as well as to buy basic-food staff....   [tags: Understanding Demand in Economics]
:: 4 Works Cited
1973 words
(5.6 pages)
Term Papers [preview]
Henry VIII: One of the Greatest Monarchs in English History Essay - Henry VIII's legacy is one of the greatest in English history. He is best known for his political success, his many marriages, and his break from the Catholic Church.1 Henry VIII was able to achieve greatness through being an effective leader, changing the religious structure, and his six marriages.2 Because of this, he was able to become the most celebrated monarch in English history.3 Henry VIII achieved such a successful legacy because of his willingness to take risks. He led a campaign in his loyal Catholic country to renounce the pope, accept him as the leader of the Church of England, and fight against the Pope, his major opposition.4 This act of defiance permanently shifted the religi...   [tags: Henry VIII Biography]
:: 23 Works Cited
2614 words
(7.5 pages)
Research Papers [preview]
Honor in Henry IV, Part One Essay - Honor in Henry IV, Part One     In Henry IV, Part One Shakespeare revels in the opportunity to suggest the idiosyncracy of character through his command of a wide range of both verse and prose. As a result the play is full of rich and different character parts (Wells 141). Two in particular, Falstaff and Hotspur, hold diverse beliefs concerning the main theme of the drama, honor. In Shakespeare’s time, honor was defined as the special virtues which distinguish those of the nobility in the exercise of their vocation–gallantry in combat with a worthy foe, adherence to the accepted code of arms, and individual loyalty to friends, family, and comrades in arms (Prior 14)....   [tags: Henry IV Henry V Essays]
:: 4 Works Cited
2377 words
(6.8 pages)
Powerful Essays [preview]
Falstaff's Role in Henry IV, Part One Essay - Falstaff's Role in Henry IV, Part One       Henry IV, Part One, has always been one of the most popular of Shakespeare's plays, maybe because of Falstaff. Much of the early criticism I found concentrated on Falstaff and so will I. This may begin in the eighteenth century with Samuel Johnson. For Johnson, the Prince is a "young man of great abilities and violent passions," and Hotspur is a "rugged soldier," but "Falstaff, unimitated, unimitable Falstaff, how shall I describe thee....   [tags: Henry IV Henry V Essays]
:: 2 Works Cited
961 words
(2.7 pages)
Strong Essays [preview]
Economics of Information Essays - Introduction There have been discussions among scholars in developed countries regarding economics of information. Developed countries includes Australia, New Zealand, United States, Ireland, Germany, Japan, Canada and many more are countries that have a high level of development according to some criteria. The criterion is income per capita; countries with high gross domestic product (GDP) per capita would thus be described as developed countries. Another economic criterion is industrialization; countries in which the tertiary and quaternary sectors of industry dominate would thus be described as developed....   [tags: Economics ]
:: 11 Works Cited
1078 words
(3.1 pages)
Strong Essays [preview]
Essay about The Concept of Honor in Henry IV, Part One -        Shakespeare’s talent as both a writer and a poet lead to his gift for character development, down to the last detail. Henry IV, Part One contains a variety of deep characters, two of which play key roles in the evolution of the concept of honor in the play. Falstaff and Hotspur symbolize opposing viewpoints concerning the main theme of the play – honor. At the time the play was written, honor was defined as “the special virtues which distinguish those of the nobility in the exercise of their vocation–gallantry in combat with a worthy foe, adherence to the accepted code of arms, and individual loyalty to friends, family, and comrades in arms” (Prior 14)....   [tags: Henry IV Essays]
:: 5 Works Cited
2353 words
(6.7 pages)
Powerful Essays [preview]
Father/Son Relationships in Shakespeare's Henry IV, Part One Essay - Father/Son Relationships in Shakespeare's Henry IV, Part One   The relationship between a father and his son is an important theme in Shakespeare's Henry IV, Part One, as it relates to the two main characters of the play, Prince Hal and Hotspur. These two characters, considered as youths and future rulers to the reader, are exposed to father-figures whose actions will influence their actions in later years. Both characters have two such father-figures; Henry IV and Falstaff for Prince Hal, and the Earl of Northumberland and the Earl of Worcester for Hotspur....   [tags: Henry IV Henry V Essays]
:: 1 Works Cited
804 words
(2.3 pages)
Better Essays [preview]
Economics Essay -      Definition of Topic: Economics is the study of supply and demand. It defines the ways that human beings allocate resources and how resources are distributed amongst a market. It allows you to see trends in current market places and predict what may happen in the future. Many different subjects were once regarded as a part of economics. Political science and even sociology were once considered part of the field. These subjects still play a major role in understanding economics but are also completely separate disciplines today....   [tags: Understanding Economics Essays]
:: 2 Works Cited
1694 words
(4.8 pages)
Better Essays [preview]