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Economics in One Lesson

Henry Hazlitt

5 mins

3 key insights

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First published in 1946 and updated in 1979, this classic introductory economic text defends the principle of free markets against government economic intervention.

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Economics in One Lesson

Economics in One Lesson

by Henry Hazlitt

Overview

State intervention in the economy is often described as socialist. But until the rise of Neo-Liberalism in the late 1970s, left-leaning economic ideas of protectionism and state-ownership dominated government policy even in capitalist Western nations.

Active during the early-to-mid 20th century, Henry Hazlitt was an economic journalist and editor at publications such as The Wall Street Journal and the New York Times. Against the economic orthodoxy of his time, Hazlitt was a classical liberal who staunchly defended free markets and individual liberty.

In this book first published in 1946, Hazlitt debunks common arguments for government intervention and economic redistribution. Through numerous practical examples, Henry Hazlitt demonstrates the negative consequences that follow from unsound economic policies.

Favorite quote

It is the proper sphere of government to create and enforce a framework of law that prohibits force and fraud. But it must refrain from specific economic interventions.

- Henry Hazlitt

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