This is an excellent introductory book on basic economic concepts, and how to think like an economist. Hazlitt states the all-important lesson that defines the aim of economics itself in Chapter 1:
"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."
The failure (or deliberate refusal) to consider all the implications of a policy, both direct and indirect, is the reason why people, even whole nations, fall into the trap of adopting laws or regulations that sound good on the surface but prove to be toxic to their own prosperity and freedom. This lesson cannot be repeated enough.
In chapters 2 through the end, Hazlitt shows how to apply this lesson in real world economic questions, among them, taxes, public works, tariffs, protecting failing industries, minimum wage laws, and inflation.
This book is a great choice for beginners who are just starting to study economics, those who need to brush up on basic concepts learned long ago, and those who have a weakness for supporting feel-good schemes that often help one special interest group in the short term at the expense of the general population in the long term. I know I will be rereading this book lots of times!
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