Economics In One Lesson
Economics in One Lesson
Part one describes that economics is the one study that has more falsisms than any other. The two biggest mistakes made in economics today are that of only looking at the immediate consequences of a proposal, and only considering a certain group and neglecting all of the others. This first chapter also conveys the message that there are two different types of economists, good and bad. A good economist will see the ?whole? picture. That is, the best alternative that will benefit the economy as a whole. A bad economist only sees the benefits and ignores the consequences of an action. The author, Henry Hazlitt suggests, ?The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.? In the broadest sense, this chapter states that economics, unless better taught through examples, will remain misunderstood and the fallacies will go unchanged.
An example of the problems that economists face is illustrated in chapter two. When money is spent in one place,
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