Economics in One Lesson by Henry Hazlitt

Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics is a business masterpiece.  Hazlitt begins his argument with a simple premise, the effects of a broken window.  By expanding upon the impact of the broken window, Hazlitt is able to presents a robust discussion of the Seen vs. the Unseen and Short vs. Long-Term Consequences of economic policy and decisions.  By the time you finish Economics in One Lesson you will find yourself in the realm of Rent Control, Price Fixing and Import/Export Tariffs; quite a journey from the humble beginnings of a broken window.

Many business books age poorly.  Economics in One Lesson is an exception to the rule.  The concepts covered are as relevant now as they were when I first encountered this book over 20 years ago in my first economics class and when the book was first published in 1946.

While you may not agree with Hazlitt's politics or the conclusions he reaches, you must agree that the methodology he uses provides for a more robust understanding of the issues at hand.  Rigorous thinking combined with a dry witted style of writing is one of the great pleasures of this book.

When I read Hazlitt, I am reminded of the sharp minds: Fighter Pilots, Military Leaders and Engineers who were a fixture in my parent's house as we moved from one corner of the world to another.  I can't help but think Economics in One Lesson is an embodiment of "Grown-up" thinking.

Enjoy...

JWM