The First Edition Of Economics Essay

1396 Words Nov 11th, 2016 6 Pages
The first edition of Economics in One Lesson was published in 1946. Since then, Henry Hazlitt has made several revisions. The most recent edition was published in 1961 and it includes a new chapter on rent control, illustrative references, and updated statistics. In his writings, Hazlitt exposes multiple fallacies surrounding Economics. Hazlitt claims “My book was written to emphasize general economic principles, and the penalties of ignoring them—not the harm done by any specific piece of legislation” (Hazlitt 7). Hazlitt executed his mission brilliantly. Economics in One Lesson breaks down the complexity of Economics in a way that is understandable to any layperson. “This book is an analysis of economic fallacies that are at last so prevalent that they have almost become a new orthodoxy” (9).
Economics is one of the most known studies embedded with fallacies. It is also a study that easily befuddles the uneducated readers. A majority of such fallacies stems from misinformation. In his writings, Hazlitt states that to be an effective economist, one has to look at the lasting effects as a whole, rather than the immediate effects. Economists who prefer to look at the immediate effects of an event has on the economy, instead of analyzing the bigger picture are what Hazlitt deems “bad economists” (16). Unlike some economists, Hazlitt focuses on the long term consequences of some economic policies, because he believes that what might not be relevant that day, will have…

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