Wednesday, August 1, 2012

Economics In One Lesson by Henry Hazlitt

Economics In One Lesson by Henry Hazlitt

Economics is haunted by more fallacies than any other study known to man.  This is no accident.

Printing money is the world's biggest industry.

No man burns down his own house on the theory that the need to rebuild it will stimulate his energies.

The recipients of government credit will get their farms and tractors at the expense of those who otherwise would have been the recipients of private credit.

Bureaucrats should be permitted to take risks with the taxpayers' money that no one is willing to take with his own??

The government never lends or gives anything to business that it does not take away from business.

It is because we have become increasingly wealthy as a nation that we have been able virtually to eliminate child labor, to remove the necessity of work for many of the aged and to make it unnecessary for millions of women to take jobs.

It is just as essential for the health of a dynamic economy that dying industries should be allowed to die as that growing industries should be allowed to grow.

There is no acknowledgment that they have blundered.  Instead, they denounce the capitalist system.

The cause for the tremendous increase in real wages in the last century has been the accumulation of capital and the enormous technological advance made possible by it.

The most stubborn error on which the appeal of inflation rests is that of confusing money with wealth.

It would almost seem as if no country is capable of profiting from the experience of another and no generation of learning from the sufferings of its forebears.

They solemnly discuss a "multiplier", by which every dollar printed and spent by the government becomes magically the equivalent of several dollars added to the wealth of the country.

Inflation is the opium of the people.

The further development of nuclear power, though it can confer unimaginable blessings on mankind, is something that is dreaded by the owners of coal mines and oil wells.

There is no more certain way to deter employment than to harass and penalize employers.

Governments everywhere are still trying to cure by public works the unemployment brought about by their own policies.

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