Economics in One Lesson [AUDIO]
Date: 30 April 2011, 08:11
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Economics in One Lesson (Audio) by: Henry Hazlitt Book Description: In this presentation you'll hear excerpts from along with quotes from Hazlitt's other works and from the authors who influenced his thought. You'll also hear Hazlitt's account of the fallacies that for decades have corrupted economic insight and understanding. Date: 2007-05-14 Rating: 5 Review: a no interference in the market introduction to economics The lesson of Economics in One Lesson is that any interference in economic systems that helps one group of people always ends up taking something away from another group of people. The author believes that the less interference in economic systems there is the better the economic system runs. He is against make work schemes, excessive taxes, public works, tariffs, a minimum wage, and unions. He is even critical of Social Security. This book was written originally in 1946 so there is no talk of the issue of Globalization and the numbers used are smaller than we are accustomed to, but otherwise it talks about timeless issues. I think it is important to remember that there are other ways of thinking about economics that are not so extreme in their opposition to public works, unions and a minimum wage. I also think that, although the market does correct itself without intervention and therefore the overall arguments of the author are correct, I think, for example, wages would be a lot lower if we did not have a minimum wage. Many minimum wage jobs require no skills and therefore there are lots of people to fill them so there is no competition for labor and therefore no incentive to offer higher wages. This book left me wanting to read more about economics, not just for more of the author's point of view, but also for opposing points of view.
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