As Some Industries Die, Capital Shifts and Others Emerge

Report on Henry Hazlett’s book, “Economics In One Lesson” Henry Hazlett introduced economic principles that are founded on common sense. My views of an ideal economic system were based on my economic classes that I have attended at the universities. I have been led to believe that John Maynard Keynes’ General Theory was quite sound. I felt that governmental spending did propagate a greater real wealth. After reading Professor Lewis’ summary of Hazlett’s …

…in order to subsidize incomes that were below the average, I question the future of our society. If our leaders have ideas that will encourage members of our society to not be productive, what will our future hold? I was impressed with the common sense approach Hazlett uses when discussing economic policies. Hazlett was right when he said, “Economics is haunted by more fallacies than any other study known to man. This is no accident” (15).