We want to learn together!

1 | SlideSalad | Date 2018

ECONOMICS
IN ONE
LESSON
HENRY HAZLITT
 The opening words

“The art of economics consists in looking not merely at

the immediate but at the longer effects of any act or
policy; it consists in tracing the consequences of that
policy not merely for one group but for all groups.”
Henry Hazlitt #Henry_Hazlitt
1894-1993
About Author

Early life and education

Career
Economics and philosophy
Legacy
Books
About Book

“If I am able to get my children to read only one economics text in

their lifetime, God forbid, it would be Hazlitt’s.” Mark Spitznagel
“Henry Hazlitt’s explanation of how a price system works is a true
classic: timeless, correct, painlessly instructive.” Milton Friedman
 Different Types Of Economists
Professional Economist
Pay attention to the short-term outcomes,
taking into account the long-term
consequences without taking into account
the particular interests of the people.

New Economist
Classical economist
Paying attention to the
Paying attention to long-term
immediate effects of a specific
results.
policy

New Economist
Classical economist
Focusing exclusively on the
An unconscious and insensitive
effects of a policy on a particular
charge against a group of people.
group.
 BROKEN GLASS
In a word, the burgeoning business boom only means harming the tailor's business
Not new jobs created
The tailor is forgotten because he does not enter the scene now
People only see what is immediately visible
Destruction Blessings

Many economists, journalists, radio and television reporters describe the benefits of
devastating use of the most subtle techniques.
The reasoning of most of these people is also “manufacturing miracles”

Manufacturing Miracles Deviation From Demand

01 War is needed!
02 Forced to build a home instead of
eating ice cream!

An Opportunity To Build Sheer Illusion!

03 Better
We rebuild the outdated
factories and industries!
04 The war will destroy the
accumulated capital
 The government always supports
The misconception that the government always has

General Plans = Taxes money, From where ?We do not know !

Please write your great title is The bridge is built, public buildings are built, employment
here is created, workers are seen working, and in short
everything is fine
Who is the money from? Is there anything other than a tax on people? Or at least a lot of it.
Unfortunately, however, it has been observed throughout history that the main purpose of government projects was to create jobs, and the utility
and effectiveness of projects have been questioned.
If we let people spend their money on their own , Maybe more ice creams were eaten, More factories were working, And more people were
happy

And this is the true purpose of the economy!

Accreditation Distorts Production

We assume that the goal of the state is always

benevolent and always strives to fill the gaps of
society

Supporting person A , Reduces support for

person B in the same proportion

In the world of commerce, competition must be free

The government has a short hand and a long hand!

The long hand reaches out everywhere and to catch

And short for giving and it only reaches those who are
very close!-” Ignazio Silone”
Job Creation Schemes

Precise division of tasks

Horses for courses!

Reduce work hours

• Reducing working hours without raising salaries
• Reducing working hours with increasing salaries

Description here:

62
%

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92
%
Who are the tariffs in service?
Please write your great title is
here

Description Here
We are in the garment industry and do not have the ability
to compete with the British clothing industry.

Description Here
If you do not help us, we will go bankrupt and many will be
unemployed!

Description Here
Unemployed people come to the streets and protest!
The decision is with you !
A Oh no! Unemployment

Description Here
B
The protests are not good at all!

Description Here

C
Immediate effects on a particular group are more
important than anything else

D
So let's go! We charge foreign goods
Free trade is considered one of the specialist
aspects of work:

Supporting person A , Reduces support for

person B in the same proportion

In the world of commerce, competition must be free

Man the loads
Please write your great title is
here

People bear more tax burden Good industries are also

damaged

Description Here Description Here

People have less money to buy other The level of wages and general
goods
welfare goes down

Description Here

Other people, Long-term effects

Foreigners have less money to buy
Other people, Long-term effects
our goods
Other people, Long-term effects
Export movement

A Exports are always good and A

The country that does not have exports is
questioned!
Description Here
B
B Import is not a good thing and always has a
bad face
C
Description Here
C
Why can not other countries buy our
product ?
D
D
So let's get them a loan so that they can buy us and
our exports will flourish! How great! Everything is
fine
National
Description Here

superheroes
Description here:

62
%

Description here:
Persian – detected

Tariff walls must be

destroyed

Yes to
Description Here
Free Trade!

Defenders of
free tradeDescription Here
Exporting , Importing

Happy bonding!

Description Here
 Austrian
School

20 | SlideSalad | Date 2018

 Ludwig von Mises Founders of the
Austrian-American economist
Austrian School
The Austrian School originated in late-19th and early-20th century Vienna
with the work of Carl Menger, Eugen Böhm von Bawerk, Friedrich von
Wieser and others. It was methodologically opposed to the Prussian
Historical School

Eugen Böhm von Bawerk

Austrian economist

Friedrich Hayek Carl Menger

Austrian-British economist Austrian economist

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 Some quotes
Pundits of Austrian School

When you see that trading is done, not by consent, but by Soaking the rich would not only be
If one rejects laissez faire on account of
compulsion–when you see that in order to produce, you
mans fallibility and moral weakness, one profoundly immoral, it would drastically
need to obtain permission from men who produce nothing–
when you see that money is flowing to those who deal, not penalize the very virtues: thrift, business
must for the same reason also reject
in goods, but in favors–when you see that men get richer by foresight, and investment, that have brought
graft and by pull than by work, and your laws don’t protect every kind of government action.
about our remarkable standard of living. It
you against them, but protect them against you–when you
see corruption being rewarded and honesty becoming a would truly be killing the goose that lays the
self-sacrifice–you may know that your society is doomed golden eggs!

Ayn Rand Ludwig von Mises Murray Rothbard

Writer Austrian-American economist American economist

22 | SlideSalad | Date 2018

 Ending Speech

And this is our lesson in its most generalized form. For many things that seem to be true when we concentrate on a single economic
group are seen to be illusions when the interests of everyone, as consumer no less than as producer, are considered. To see the
problem as a whole, and not in fragments: that is the goal of economic science.

23 | SlideSalad | Date 2018

 I am neither of
the East nor of
the West, no
boundaries
exist within my
breast!
#Rumi
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