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This book is a wonderful introduction to Economics for those (like myself) unfamiliar with the field. The author clearly and logically illustrates economic principles by examining what he takes to be the major economic fallacy of modern times: That all public spending and intervention is only good, and has no secondary consequences.
Mr. Hazlett sets out his one lesson in the first 20 minutes, and then uses the rest of his effort to illustrate using easily understood examples and actual scenarios. This contact with reality is refreshing for those wearied by the large amount of theoretical illustrations employed by other economists.
Although his views will be out of favour with many North Americans and their increasing devotion to government spending & protectionism, Hazlett presents a surprisingly balanced case for his one lesson.
As the examples unfold, we are reminded that unions are NOT always bad, government spending is NOT always bad, we DO need to consider those who have lost work due to large scale shifts in the workplace due to technology.
The one lesson comes back to it's origin: There are consequences to our actions.
We are encouraged to consider those consequences, think first, and then act. This is a bad thing?
27 of 32 people found this review helpful
While this book has a hugely conservative bent and doesn't take into account the value of any other economic ideas. It is a very good overview of the major arguments with which macro-economists work. It is quite insightful in some of its analogies and comparisons, and sure to be mind-expanding for those unfamiliar with economics.
16 of 19 people found this review helpful
This book provides an elementary lesson in Economics. It's a plea for free market economics and only for government to intervene when it's absolutely necessary. It shows up economic fallacies like trying control prices, rent controls, subsidizing farmers, unions and protectionist activities and lots of other things. This book really made me think and change some of my views.
6 of 6 people found this review helpful
An Excellent narrator. Very clearly written message. Hard to believe how relevant it is today.