Ep. 982 - The Tide Rises

In 'Economics in One Lesson', Henry Hazlitt provides a concise and instructive introduction to economics by dissecting common economic fallacies. The book's central lesson is that good economics involves considering the long-term and indirect consequences of any policy for all groups, not just the immediate effects on a specific group. Hazlitt uses examples like the 'broken window fallacy' to illustrate how focusing only on immediate benefits can overlook the broader, often negative, consequences. The book advocates for free markets, economic liberty, and non-governmental solutions, making it a critical read for understanding basic economic principles and the pitfalls of government intervention.

Henry Hazlitt's "Time Will Run Back" is a lesser-known novel that explores the consequences of Marxist ideology. Set in a dystopian future where the Soviet Union dominates the world, the story follows the son of a dictator who comes to understand the failures of communism. The novel uses a fictional narrative to illustrate the economic and moral flaws of state control. It serves as a thought-provoking exploration of the dangers of authoritarianism and the importance of individual liberty. While not as widely read as his economic works, it offers a unique perspective on the themes of freedom and oppression.