๐๐๐ฒ๐ฟ๐๐๐ต๐ถ๐ป๐ด ๐ฌ๐ผ๐ ๐ก๐ฒ๐ฒ๐ฑ ๐๐ผ ๐๐ป๐ผ๐ ๐๐ฏ๐ผ๐๐ ๐๐ฐ๐ผ๐ป๐ผ๐บ๐ถ๐ฐ๐
๐๐ฏ ๐๐ฃ๐ ๐๐ฆ๐ด๐ด๐ฐ๐ฏ!
Tomorrow is the birthday of Henry Hazlitt, a great writer on Austrian economics, so today I will review one of his best-known works, โ๐๐ค๐ฐ๐ฏ๐ฐ๐ฎ๐ช๐ค๐ด ๐ช๐ฏ ๐๐ฏ๐ฆ ๐๐ฆ๐ด๐ด๐ฐ๐ฏโ.
This book has no mention of #Bitcoin in it, as it was first published in 1946, but it does give an excellent overview of Austrian economic theory, including the ๐๐ป๐ถ๐ป๐๐ฒ๐ป๐ฑ๐ฒ๐ฑ ๐ป๐ฒ๐ด๐ฎ๐๐ถ๐๐ฒ ๐ฐ๐ผ๐ป๐๐ฒ๐พ๐๐ฒ๐ป๐ฐ๐ฒ๐ of centralized economic policies.
Read on for my list of insights๐
๐๐ป๐๐ถ๐ด๐ต๐ #๐ญ: ๐จ๐ป๐๐ฒ๐ฒ๐ป ๐๐ผ๐๐๐ ๐ผ๐ณ ๐ฃ๐ผ๐น๐ถ๐ฐ๐ถ๐ฒ๐
Most economic policies aim to aid ๐ฐ๐ฏ๐ฆ ๐ท๐ช๐ด๐ช๐ฃ๐ญ๐ฆ ๐จ๐ณ๐ฐ๐ถ๐ฑ, without weighing the unseen burdens upon other groups, but when one traces a policyโs indirect effects, it reveals their true tradeoffs. Objective analysis counters misleading arguments that only cite isolated gains. Prior to enacting decisions on a narrow subset of the economy, ๐ถ๐๐ ๐ฐ๐ผ๐บ๐ฝ๐น๐ฒ๐๐ฒ ๐ถ๐บ๐ฝ๐ฎ๐ฐ๐ ๐ผ๐ป ๐ฎ ๐ฒ๐ฐ๐ผ๐ป๐ผ๐บ๐-๐๐ถ๐ฑ๐ฒ ๐๐ฐ๐ฎ๐น๐ฒ ๐บ๐๐๐ ๐ฏ๐ฒ ๐ฎ๐๐๐ฒ๐๐๐ฒ๐ฑ.
๐๐ป๐๐ถ๐ด๐ต๐ #๐ฎ: ๐ง๐ฒ๐ฐ๐ต๐ป๐ผ๐น๐ผ๐ด๐โ๐ ๐๐ถ๐ฑ๐ฑ๐ฒ๐ป ๐๐ฎ๐ถ๐ป๐
New technologies may displace jobs initially, but ๐ฉ๐ช๐ด๐ต๐ฐ๐ณ๐ช๐ค ๐ฆ๐ท๐ช๐ฅ๐ฆ๐ฏ๐ค๐ฆ ๐ด๐ฉ๐ฐ๐ธ๐ด ๐ญ๐ฐ๐ฏ๐จ-๐ต๐ฆ๐ณ๐ฎ ๐จ๐ข๐ช๐ฏ๐ด ๐ฆ๐ญ๐ด๐ฆ๐ธ๐ฉ๐ฆ๐ณ๐ฆ ๐ต๐ฉ๐ข๐ต ๐ง๐ข๐ณ ๐ฆ๐น๐ค๐ฆ๐ฆ๐ฅ ๐ด๐ฉ๐ฐ๐ณ๐ต-๐ต๐ฆ๐ณ๐ฎ ๐ญ๐ฐ๐ด๐ด๐ฆ๐ด. Cost savings and productivity growth free up resources, which are then better allocated through price signals. ๐๐ฟ๐ฒ๐ฎ๐๐ถ๐๐ฒ ๐ฑ๐ฒ๐๐๐ฟ๐๐ฐ๐๐ถ๐ผ๐ป ๐ฒ๐ป๐ฎ๐ฏ๐น๐ฒ๐ ๐ต๐๐บ๐ฎ๐ป ๐ณ๐น๐ผ๐๐ฟ๐ถ๐๐ต๐ถ๐ป๐ด; though itโs temporarily uncomfortable for impacted groups, discomfort leads to greater innovations and strength.
๐๐ป๐๐ถ๐ด๐ต๐ #๐ฏ: ๐๐ถ๐๐๐ผ๐ฟ๐๐ถ๐ผ๐ป๐ ๐ณ๐ฟ๐ผ๐บ ๐ฃ๐ฟ๐ถ๐ฐ๐ฒ ๐๐ผ๐ป๐๐ฟ๐ผ๐น๐
Using top-down policies to override market pricing inevitably introduces harmful distortions over time. Lagging effects include shortages, unemployment, inflation, reduced productivity, and output declines. ๐๐๐๐ฒ๐บ๐ฝ๐๐ ๐๐ผ ๐๐๐๐ฝ๐ฒ๐ป๐ฑ ๐ฒ๐ฐ๐ผ๐ป๐ผ๐บ๐ถ๐ฐ ๐น๐ฎ๐ ๐๐ถ๐ฒ๐น๐ฑ ๐ฐ๐ผ๐ป๐๐ฒ๐พ๐๐ฒ๐ป๐ฐ๐ฒ๐ ๐๐ผ๐ฟ๐๐ฒ ๐๐ต๐ฎ๐ป ๐๐ต๐ฒ ๐ถ๐ป๐ถ๐๐ถ๐ฎ๐น ๐ฝ๐ฟ๐ผ๐ฏ๐น๐ฒ๐บ๐ ๐๐ต๐ฎ๐ ๐๐ฒ๐ฟ๐ฒ ๐๐ฟ๐๐ถ๐ป๐ด ๐๐ผ ๐ฏ๐ฒ ๐๐ผ๐น๐๐ฒ๐ฑ. Even crises call for ๐ด๐ต๐ฆ๐ข๐ฅ๐บ ๐ช๐ฏ๐ค๐ณ๐ฆ๐ฎ๐ฆ๐ฏ๐ต๐ข๐ญ ๐ช๐ฎ๐ฑ๐ณ๐ฐ๐ท๐ฆ๐ฎ๐ฆ๐ฏ๐ต, not reactionary overcorrections that ignore systemic consequences.
๐๐ป๐๐ถ๐ด๐ต๐ #๐ฐ: ๐๐ฎ๐๐ฎ๐ฟ๐ฑ๐ ๐ผ๐ณ ๐๐ฎ๐๐ ๐ ๐ผ๐ป๐ฒ๐
Promises of cheap, abundant credit eventually bring severe contractions that far outweigh any temporary relief. Politicians and citizens alike prefer pleasant fiction over responsible restraint, but ๐ฟ๐ฒ๐ฐ๐ธ๐น๐ฒ๐๐ ๐ฑ๐ฒ๐ฏ๐๐ ๐ฝ๐ฎ๐๐ ๐ฐ๐ผ๐๐๐ ๐๐ผ ๐ฎ๐ป ๐๐ป๐ธ๐ป๐ผ๐๐ป ๐ณ๐๐๐๐ฟ๐ฒ ๐๐ต๐ฎ๐ ๐ต๐ฎ๐ ๐ป๐ผ ๐๐ผ๐ถ๐ฐ๐ฒ ๐ถ๐ป ๐๐ต๐ฒ ๐บ๐ฎ๐๐๐ฒ๐ฟ. Whether through willful ignorance or innocent over-optimism, ๐ช๐จ๐ฏ๐ฐ๐ณ๐ช๐ฏ๐จ ๐ฆ๐ค๐ฐ๐ฏ๐ฐ๐ฎ๐ช๐ค ๐ง๐ถ๐ฏ๐ฅ๐ข๐ฎ๐ฆ๐ฏ๐ต๐ข๐ญ๐ด ๐ฐ๐ฏ๐ญ๐บ ๐ฑ๐ฐ๐ด๐ต๐ฑ๐ฐ๐ฏ๐ฆ๐ด ๐ณ๐ฆ๐ข๐ญ๐ช๐ต๐บโ๐ด ๐ช๐ฏ๐ฆ๐ท๐ช๐ต๐ข๐ฃ๐ญ๐ฆ ๐ฃ๐ข๐ค๐ฌ๐ญ๐ข๐ด๐ฉ.
๐๐ป๐๐ถ๐ด๐ต๐ #๐ฑ: ๐ง๐ต๐ฒ ๐ก๐ฒ๐ฒ๐ฑ ๐ณ๐ผ๐ฟ ๐๐ฑ๐๐ฐ๐ฎ๐๐ถ๐ผ๐ป
Widespread economic literacy offers the strongest safeguard against plausible fallacies and manipulation by special interests. ๐ข๐ป๐น๐ ๐ฏ๐ ๐ด๐ฟ๐ฎ๐๐ฝ๐ถ๐ป๐ด ๐ฏ๐ฎ๐๐ถ๐ฐ ๐ฒ๐ฐ๐ผ๐ป๐ผ๐บ๐ถ๐ฐ ๐ฝ๐ฟ๐ถ๐ป๐ฐ๐ถ๐ฝ๐น๐ฒ๐ can citizens be armed against seductive rhetoric that touts advantages for transient groups. Leaders should stop exploiting the publicโs ignorance, and instead ๐ฆ๐ญ๐ฆ๐ท๐ข๐ต๐ฆ ๐ต๐ฉ๐ฆ๐ช๐ณ ๐ฑ๐ฆ๐ฐ๐ฑ๐ญ๐ฆโ๐ด ๐ถ๐ฏ๐ฅ๐ฆ๐ณ๐ด๐ต๐ข๐ฏ๐ฅ๐ช๐ฏ๐จ of economic consequences.
This book is ๐ข๐ฃ๐ด๐ฐ๐ญ๐ถ๐ต๐ฆ๐ญ๐บ ๐ฐ๐ฏ๐ฆ ๐ฐ๐ง ๐ต๐ฉ๐ฆ ๐ฃ๐ฆ๐ด๐ต for elevating the oneโs understanding of economics.
In honor of Henry Hazlittโs birthday tomorrow, be sure to ๐๐ถ๐ธ๐ฒ๐ค and a ๐ฆ๐ต๐ฎ๐ฟ๐ฒ๐ this post!
Also ๐๐ผ๐ผ๐ธ๐บ๐ฎ๐ฟ๐ธ๐ this, so you can easily refer back to these insights.
What book do you want me to review next week?
Tell me in the ๐๐ผ๐บ๐บ๐ฒ๐ป๐๐โฌ๏ธ
See you next week at the next list of book insights! ๐
