Preface

The Preface of "Economics in One Lesson" introduced the nature of the content of the book. For readers to appreciate the significance of the book for our time, it is appropriate to see in advance what you can expect in reading the book. Allow me to share in this post the exact statements from the Preface under several categories:

As to the content of the book in general:

"This book is an analysis of economic fallacies that are at last so prevalent that they have almost become a new orthodoxy" (p.vii).

As to the significance of the book:

"There is not a major government in the world at this moment, however, whose economic policies are not influenced if they are not almost wholly determined by acceptance of some of these fallacies" (ibid.).

As to claim to originality of ideas:

"It makes no claim to originality with regard to any of the chief ideas that it expounds. Rather its effort is to show that many of the ideas which now pass for brilliant innovations and advances are in fact mere revivals of ancient errors, and a further proof of the dictum that those who are ignorant of the past are condemned to repeat it" (p. viii).

"'The notion that we can dismiss the views of all previews thinkers surely leaves no basis for the hope that our own work will prove of any value to others'" (ibid.).

The 3 authors that influenced Henry Hazlitt's ideas in this book (p. ix):

1. Frederic Bastiat

2. Philip Wicksteed, and

3. Ludwig von Mises

As to the reasons why influential "economists" are not mentioned in the book:

"The object of this book is not to expose the special errors of particular writers, but economic errors in their most frequent, widespread or influential form. Fallacies, when they have reached the popular stage, become anonymous anyway" (ibid.).

"It is the beliefs which politically influential groups hold and which governments act upon that we are interested in here, not the historical origins of those beliefs" (p.x).

As to rare reference to statistics: 

"...I am acutely aware of how quickly statistics become out-od-date and are superseded by later figures" (ibid.).

As to Hazlitt's target reader:

"I have tried to write this book as simply and with as much freedom from technicalities as is consistent with reasonable accuracy, so that it can be fully understood by a reader with no previous acquaintance with economics" (ibid.).

As to the original sources of 3 chapters in the book (p.xi):

1. The New York Times,

2. The American Scholar, and

3. The New Leader

As to Mises' touch in the book:

"I am grateful to Professor von Mises for reading the manuscript and for helpful suggestion" (ibid.).

Overall Remark

Even though this book was written in 1946, the analysis of economic fallacies contained in this book remains relevant. This is because nothing happened since then that could be accounted as a major breakaway from the prevailing economic ideas. 

In my perusal of the book, I am surprised about the "newness" of its content. I just wonder why Hazlitt's explanation appears to make sense whereas the prevailing economic news appears to be confusing. It also makes me wonder why ideas in the book are not taught in the mainstream education. Thanks to Hazlitt's concern to educate those who lack education in economics.