Economics in One lesson

Discussion in 'Economy' started by Skull Pilot, Oct 10, 2008.

  1. Skull Pilot
    Offline

    Skull Pilot Platinum Member

    Joined:
    Nov 17, 2007
    Messages:
    31,817
    Thanks Received:
    4,499
    Trophy Points:
    1,130
    Ratings:
    +10,100
    After some of the conversations that Editec, Paulitics, Glockmail and others regarding economics, I dusted off a book I've had for a long time.

    Economics in One Lesson by Henry Hazlitt

    I've read this book several times and it is always relevant.

    I just want to give you a little bit of the very first page of Chapter One.

    Economics is haunted by more fallacies than any other study known to man. This is no accident. the inherent difficulties of the subject would be great enough in any case, but they are multiplied a thousandfold by a factor that is insignificant in, say, physics, mathematics, or medicine - the special pleadings of selfish interests. while every group has certain economic interests identical with those of all groups, every group has also, as we shall see, interests antagonistic to those of all other groups. While certain public policies would in the long run benefit everyone, other policies would benefit only one group at the expense of all other groups. The group that would benefit by such policies, having such a direct interest in them, will argue for then plausibly and persistently. it will hire the best buyable minds to devote their whole time to presenting its case. And it will finally either convince the general public that its case is sound, or so befuddle it that clear thinking on the subject becomes next to impossible.

    Wow. That so much relevant thought appears on the very first page of this little book still amazes me to this day, even after reading this book many times. And it seems to be especially relevant today no?

    Pardon me but I'm off to get another cup of coffee and I am going to sit outside and reread this book from cover to cover.
     
  2. editec
    Offline

    editec Mr. Forgot-it-All

    Joined:
    Jun 5, 2008
    Messages:
    41,427
    Thanks Received:
    5,598
    Trophy Points:
    48
    Location:
    Maine
    Ratings:
    +5,617
    ECON 101 is about as relevant to the brand of economic we current use as Das Kapital was relevant to Stainist Russia, amigo.

    What do I think about Modern Western Capitalism?

    I think it would be a good idea.
     
  3. Skull Pilot
    Offline

    Skull Pilot Platinum Member

    Joined:
    Nov 17, 2007
    Messages:
    31,817
    Thanks Received:
    4,499
    Trophy Points:
    1,130
    Ratings:
    +10,100
    The book is not econ 101 it is an examination of fallacies common in economics. fallacies that are still being committed as we type.
     
    Last edited: Oct 10, 2008
  4. Toro
    Offline

    Toro Diamond Member

    Joined:
    Sep 29, 2005
    Messages:
    50,771
    Thanks Received:
    11,058
    Trophy Points:
    2,030
    Location:
    The Big Bend via Riderville
    Ratings:
    +25,106
    This was the first book on economics I ever read. I think it is a good read, but simplistic and not all-encompassing.
     
  5. Chris
    Offline

    Chris Gold Member

    Joined:
    May 30, 2008
    Messages:
    23,154
    Thanks Received:
    1,958
    Trophy Points:
    205
    Location:
    Virginia
    Ratings:
    +2,089
    Steve Martin did a great bit on SNL where he was selling a book entitled, "Don't buy stuff you can't afford."
     
  6. dilloduck
    Offline

    dilloduck Diamond Member

    Joined:
    May 8, 2004
    Messages:
    53,240
    Thanks Received:
    5,552
    Trophy Points:
    1,850
    Location:
    Austin, TX
    Ratings:
    +6,403
    Now part Two of that book should be don't pass laws that encourage people to buy stuff they cannot afford----NO ONE should buy what they can't afford.
     
  7. Diuretic
    Offline

    Diuretic Permanently confused

    Joined:
    Apr 26, 2006
    Messages:
    12,653
    Thanks Received:
    1,397
    Trophy Points:
    48
    Location:
    South Australia est 1836
    Ratings:
    +1,397
    But isn't buying what we can't afford what makes an economy work? I mean, don't big companies do things like that, using credit?

    My Economics 101 ignorance is revealed.
     
  8. Zoomie1980
    Offline

    Zoomie1980 Senior Member

    Joined:
    Jan 16, 2008
    Messages:
    1,658
    Thanks Received:
    128
    Trophy Points:
    48
    Ratings:
    +128
    No most companies use only short term credit that is usually fully secured by sales contracts and hard assets. Those that don't, don't usually last very long. Only individual consumers operate with what amounts to very long term unsecured debt (known as credit cards).
     
  9. Diuretic
    Offline

    Diuretic Permanently confused

    Joined:
    Apr 26, 2006
    Messages:
    12,653
    Thanks Received:
    1,397
    Trophy Points:
    48
    Location:
    South Australia est 1836
    Ratings:
    +1,397
    Much appreciated.
     

Share This Page