Economics in One Lesson by Henry Hazlitt
Filed under: Doug & Doug Dig... by Douglas Wilson @ 3:01 pm
A new monthly feature from Canon Press.
From Doug Wilson:
A book I am reading now, and would like to commend to the entire Christian population of North America, is Economics in One Lesson by Henry Hazlitt. One of the many sobering lessons of this 2008 campaign season is that many activist Christians—the kind who vigorously support glib, populist candidates, say—are Christians who don’t understand economics at all. It is easy to imagine Christian “third way” alternatives to the common way of doing things, but the fact that God is triune and that Christ was incarnate at Bethlehem does not make water run uphill. One of the best things for the Christian world to do is a little basic study in what some have falsely called the “dismal science.”
Mr. Wilson: Thank you for your fine work, which has had a significant impact on my thinking over the years.
Might I also recommend an economics book I’ve just finished at the recommendation of Jacques Barzun in his “From Dawn to Decadence”? It’s entitled “The Harried Leisure Class” by Swedish economist Staffan Linder (1970). The basic premise is as follows: 1) The old economic ideal was to promote growth with the goal of raising people above the subsistence level. 2) This would allow the development of higher culture via time to think/meditate, read, make music, etc. 3) Instead of growth being a means to an end, we have now made growth itself the end. 4) As a result we have embraced the myth of absolute affluence. We have not factored into the equation that a constant increase in goods will NOT be accompanied by an increase in time to enjoy and maintain them. 5) Hence the harried leisure class maintains a glut of things with a scarcity of time — our affluence is partial. 6) What we tend to cut from our schedules in order to enjoy/maintain our things (and pursue more growth) is the time for thinking, reading, etc., that economic growth was originally meant to give.
Looking forward to the insights in “Economics in One Lesson”. Keep up the good work.
Comment by Jeremiah Pent — March 19, 2008 @ 6:26 pm
Basic Economics by Thomas Sowell is also a fantastic introduction to economics for the layman.
I’ll be sure to read this one.
Comment by Ben Otero — March 26, 2008 @ 10:33 am
Hazlitt’s book is a masterpiece. I ABSOLUTELY agree w/ Mr Wilson… Christians should read and undertand it. It’s easy, basic, and true. I’ve used it to teach my kids and homeschoolers. Great tool for election year discernment and perspective.
Comment by Mark Weddle — March 26, 2008 @ 12:11 pm
This book’s a winner. It’s easy to read and full of simply-stated insights into fundamental economics. There oughta be a law that everyone read this!
Comment by Tim Prussic — March 26, 2008 @ 1:25 pm
Mr. Wilson,
I wanted to share with you the things I have found in my growth in economic understanding.
Many fine books about economics many be found at http://www.fee.org , http://www.mises.org. Books that some many want to read online can be found at http://www.jim.com and http://www.econlib.org .
The “bent” of economics that Hazlitt subscribes to is called Austrian economics. This proper economic view has been made popular by Ludwig Von Mises (mises.org) and The Foundation for Economic Education (fee.org).
Austrian economy is based on sound monetary practices, unlike the Kensian economics currently employed in America based on debt.
Other good reading material about the ethics of economics is found with Frederic Bastiat (circa 1840-1848). The primer work, “The Law” must be a second read after reading Hazlitt’s “Economics in One Lesson”.
Also, “Economic Sophisms” by Bastiat contain many short lessons and stories that illustrate the application of good economic thought. “The Broken window Theory” aka “What is seen, What is not Seen” is also a great story that illustrates wrong economic principles applied to life and the outcome of such understandings.
The Uncle Eric books series is a good read for children about to enter the “high school” years.
The reason why reading of good economics matters today is that we either will support free-market by voluteerism or we will continue to become more socialistic as a people. Socialism is supporting that which God has forbidden when He stated, “Thou shalt not Steal”.
Socialism always follows a bad money systems and leads to destruction, while supporting the right godly economic principles saves lives, and promotes a healthy respect for private property and individual liberty.
Comment by Mike Oliver — March 26, 2008 @ 9:35 pm
Mr. Pent’s comment above about “the harried leisure class” reminded me of one of my favorite lines from an E.F. Schumacher book which went something like “a man’s leisure time will be diminished in exact proportion to the number of labor saving devices he possesses.” While that might oftentimes seem to ring true, I’m not quite ready to turn in my Stihl or Husky for a crosscut.
Have to confess to having owned the Hazlitt book for a number of years, but the plain gray wrapping and plain Jane title contributed to my “judging a book by it’s cover”, and I have yet to read it. Thanks for the recommendation.
Comment by jim valentine — March 26, 2008 @ 10:13 pm
Economics in One Lesson an excellent book in that it exposes the inevitable outcomes of wrong presuppositions. I use it as one of the texts for our 12th grade economics class. I also recommend reading Chinese Lessons by John Pomfret to understand China’s economic presuppostions,where they have led the Chinese culture, and how the US is affected. Disclaimer: this book is not meant for children, as there are some adult themes.
Comment by Amy Boswell — March 27, 2008 @ 6:52 am