By Henry Hazlitt
One million replica vendor, Henry Hazlitt’s Economics in a single Lesson is a vintage fiscal primer. however it is additionally even more, having develop into a primary impression on smooth “libertarian” economics of the kind espoused by way of Ron Paul and others.
Considered one of the top fiscal thinkers of the “Austrian School,” which include Carl Menger, Ludwig von Mises, Friedrich (F.A.) Hayek, and others, Henry Hazlitt (1894-1993), was once a libertarian thinker, an economist, and a journalist. He was once the founding vice-president of the basis for monetary schooling and an early editor of The Freeman journal, an influential libertarian publication. Hazlitt wrote Economics in a single Lesson, his seminal paintings, in 1946. Concise and instructive, it's also deceptively prescient and far-reaching in its efforts to dissemble monetary fallacies which are so normal they've got virtually develop into a brand new orthodoxy.
Many present fiscal commentators around the political spectrum have credited Hazlitt with foreseeing the cave in of the worldwide economic climate which happened greater than 50 years after the preliminary book of Economics in a single Lesson. Hazlitt’s specialize in non-governmental recommendations, powerful — and strongly reasoned — anti-deficit place, and common emphasis on loose markets, financial liberty of people, and the hazards of presidency intervention make Economics in a single Lesson, each piece as suitable and worthwhile this present day because it has been considering book.
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Additional info for Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics
He also quoted from a work by Babbage, published in 1830, in which the author wrote: 'in order to succeed in a manufacture, it is necessary not merely to possess good machinery, but that the domestic economy of the factory should be most carefully regulated'. These are excellent sentiments. But what is still lacking in modern economics is the willingness to confront economic theory with the role of organisation as an essential component of technology. PUBLIC VERSUS PRIVATE TECHNOLOGY It is an implicit assumption of neoclassical theory that technology is 'public' or, in other words, that it is a form of knowledge that is freely available to all.
Partial equilibrium neoclassical theory relies on only the first two of these assumptions, and hence allows a role for the entrepreneur as an uncertainty-bearer. General equilibrium theories rely on all three assumptions, and hence eliminate all possible roles for the entrepreneur. Of the three assumptions, it seems to me that the assumption of perfect knowledge of technology is the most destructive of the role of the entrepreneur. As will be shown below, it is possible to construct a theory of market behaviour without relying on perfect competition or the elimination of time and uncertainty.
The first is the suggestion that entrepreneurs who are in possession of superior technology earn a rent from that knowledge. Rent is a cost to the individual firm, and if this were added in, there would be no difference in average costs between one firm and another. But this argument is facile. Technology, like any other form of knowledge, is not a physical factor of production like land, to which the law of diminishing returns applies. Better technology is not 'used up' by being used. A firm with superior technology can use it to expand its output at given market prices ad infinitum.
Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics by Henry Hazlitt