ECONOMICS IN ONE LESSON

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HENRY HAZLITT



ECONOMICS
IN ONE LESSON




SPECIAL EDITION FOR

THE FOUNDATION FOR ECONOMIC EDUCATION, INC.

IRVINGTON-ON-HUDSON, NEW YORK.




POCKET BOOKS, INC., ROCKEFELLER CENTER, N. Y.
                         The Printing History of
              ECONOMICS                  IN   ONE       LESSON


            Harper & Brothers edition pUblished July, 1946
            1ST   PRINTING         "                       JULY,     1946
            2ND   PRINTING                                 JULy,     1946
            3RD   PRINTING                               AUGl.1ST.   1946
            4TH   PRINTING                              OCTOBER,     1946
            5TH   PRINTING                             FEBRUARY,     1947
            6TH   PRINTING                         ,   FEBRUARY.     1948

Reader's Digest condensed version published August, 1946; February, 1948

Spanish edition. (Editorial Kraft, Buenos Aires) pUblished December, 1947

            POCKET BOOK edition published November, 1948
            Is,   PRINTING     "                       OCTOBER, 1948


                              Special edition for
              The Foundation for Economic Education, Inc.
                                       May, 1952




                             PRINTED IN THE U.S.A.

       This POCKET BOOK edition is published by arrangement with
                         Harper & Brothers

             COPYRIGHT, 1946, 1948, BY HARPER & BRD,HERS
'Henry Hazlitt has been interpreting business
 trends for the American people for the past
 35 years. Starting in the field of economics as
 a reporter on the Wall Street Joumal, he has
 served on the financial and editorial staffs of
 several of the great New York newspapers,
 including the Sun, the Herald, and the Times.
 In addition, he has been associated with The
 Nation, and edited American Mercury and
 the Freeman. Mr. Hazlitt has traveled e>.1en-
 sively in Europe and South America for on-
 thespot studies of world economic conditions.
 Since 1946, he has heen a contributing editor
 to Newsweek magazine, where his weekly
column, "Business Tides," is a regular feat~lie.
    Born in Philadelphia, in 1894, he attended
 the College of the City of New York and served
 with Air Service, U. S. Army, in World War I.
 He is the author of many books and pamphlets
 dealing with economics, among which are
 Will Dollars Save the World? and The Great
 Idea. He is also well known as a lecturer and
 literary critic.
                        CONTENTS                           :0::.




         Preface                                   '1'11

                 PART    ONE:   THE   LESSON
    I.   The Lesson                                   3

         PA.RT    TWO:    THE   LESSON   APPLIED

    n. The Broken Window                            11
  ill. The Blessings of Destruction                12
   IV. Public Works Mean Taxes                     17
    v. Taxes piscourage Production                 24
   VI. Credit Diverts Production                   27
  VB. The Curse of Machinery                       36
 VllI. Spread.the.Work Schemes                      49
   IX. Disbanding Troops and Bureaucrats            55
    x. The Fetish of Full Employment                59
  Xl. Who's HProtected" by Tariffs?                 61
  X1I.   The Drive for Exports                      73
 XTIl,   "Parity" Prices                            78
 XIV. Saving the X Industry                         86
 xv. How the Price System Works                     92
 XVI. "Stabilizing" Commodities                     99
xvu. Government PriceFixing                       107
XVlll.  Minimum .Wage Laws                         118
 XIX. Do Unions Really Raise Wages?                123
  x.x.. "Enough to Buy Back the Product"           136
 XXI.    The Function of Profits                  144
XXII.    The Mirage of Inflation                  148
XXIII.   The Assault on SaVing                    163
    PART      THREE:    THE   LESSON   RESTATED
XXIV. The Lesson Restated                         181
 xxv. A Note on Books                             191
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