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Essay

Economics in One Lesson

Essay specific features

 

Issue:

American History

 

Written by:

James H

 

Date added:

July 12, 2014

 

Level:

University

 

Grade:

B

 

No of pages / words:

8 / 1990

 

Was viewed:

7885 times

 

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Essay content:

Hazlitt explains topics such as war and the expenses, the tariff system, and productivity and the minimum wage laws. One concept Hazlitt emphasized on was how economics was viewed for temporary needs, versus more permanently viewed. "In addition to theses endless pleading of self-interest, there is a second main factor that spawns new economic fallacies every day...
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This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences" (Hazlitt p15-16)...
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