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Economics in one lesson - Essay Example

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The book gives an analysis of economic fallacies that determines how governments formulate their policies. This book gives an oversight of good and bad economists who are…
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Economics in one lesson
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Economics in one lesson

Download file to see previous pages... He argues that, the art of economics involves analyzing primary and secondary effects these policies to all groups.
The book discusses in details several fallacies such as high taxes, evils that take place in the public projects, minimum wage rate, effects of bailout, price control, tariffs on imports, rent control, trade union activities, regulations and economic effects of government actions. Parity pricing, disbanding a large number of troops, commodity stabilization and inflation are fallacies that are not given much weight but are included in this book.
Hazlitt does not object public program spending but rejects the use of public projects as a plan of injecting money into the economy. He argues that public projects should be justified based on their importance to the economy. Money outsourced from the private sector by the government in the form of taxes is used to fund public projects. Using the bridge example, Hazlitt argues that creating a job in the public sector kills another job in the private sector. In such projects there are things which are not permitted to come into existence. In paragraph 3 of this book, Hazlitt argues that, the secondary effect on public projects is in the form of how money used to fund these projects is diverted to other areas. Unfortunately, such news most likely will not be reported on considering the kind of news that are being aired nowadays.
Government never does as well in making loans as the private sector does. This is because people tend to be more careful with their own money (Hazlitt. Para8). Unfortunately, most of the time this fact is always hidden because bad loans made by the government are hidden in most federal spending. On the other hand, when banks collapse due to bad loans, it is announced all over the news. Political considerations further hide the bad loans as a result of government lending. This ...Download file to see next pagesRead More
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