Economics in One lesson

[Skull Pilot]

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.

 

[editec]

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.

 

[Skull Pilot]

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.

The book is not econ 101 it is an examination of fallacies common in economics. fallacies that are still being committed as we type.

 

[Toro]

This was the first book on economics I ever read. I think it is a good read, but simplistic and not all-encompassing.

 

[Chris]

Steve Martin did a great bit on SNL where he was selling a book entitled, "Don't buy stuff you can't afford."

 

[dilloduck]

Steve Martin did a great bit on SNL where he was selling a book entitled, "Don't buy stuff you can't afford."

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.

 

[Diuretic]

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.

 

[Zoomie1980]

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.

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).

 

[Diuretic]

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).

Much appreciated.