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Henry Hazlitt -
Economics in One Lesson (1946)
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So we have finished with the broken window. An elementary fallacy. Anybody, one would think, would be able to avoid it after a few moments' thought. Yet the broken-window fallacy, under a hundred disguises, is the most persistent in the history of economics. It is more rampant now than at any time in the past. It is solemnly reaffirmed every day by great captains of industry, by chambers of commerce, by labor union leaders, by editorial writers and newspaper columnists and radio commentators, by learned statisticians using the most refined techniques, by professors of economics in our best universities. In their various ways they all dilate upon the advantages of destruction.
Henry Hazlitt
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Mere inflation-that is, the mere issuance of more money, with the consequence of higher wages and prices-may look like the creation of more demand. But in terms of the actual production and exchange of real things it is not.
Henry Hazlitt
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Everywhere the means is erected into the end, and the end itself is forgotten.
Henry Hazlitt
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The question is not whether we wish to see everybody as well off as possible. Among men of good will such an aim can be taken for granted. The real question concerns the proper means of achieving it. And in trying to answer this we must never lose sight of a few elementary truisms. We cannot distribute more wealth than is created. We cannot in the long run pay labor as a whole more than it produces.
Henry Hazlitt
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Quote of the day
The true spirit of conversation consists in building on another man's observation, not overturning it.
Edward Bulwer-Lytton
Henry Hazlitt
Born:
November 28, 1894
Died:
July 9, 1993
(aged 98)
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