Summary of henry hazlitt's economics in one lesson

Please note: This is a companion version & not the original book. Sample Book Insights: #1 Economics is haunted by more fallacies than any other discipline. The field is full of people who see only the immediate effects of a policy, and ignore its long-term effects on all groups. #2 The most common economic fallacies today are the result of ignoring this lesson. The opposite error is also possible: focusing only on the immediate consequences of an act or proposal. #3 The basic lesson of economics is to understand and recognize the fallacies that stand in the way of understanding and recognizing the lessons. Through examples, we can learn to detect and avoid the crudest and most blatant fallacies first, and then some of the most sophisticated and elusive.