Summary of Economics in One Lesson

Economics in One Lesson is a 1946 book written by American economist Henry Hazlitt. The book is an introduction to free market economics. It explains the notion of opportunity cost and how it affects economic decisions. It evaluates the consequences of different economic measures and policies, including taxation, rent control, minimum wage laws, and other price controls. Hazlitt argues that government intervention in the economy tends to cause more harm than good because it often fails to take into account the unintended consequences. The book is focused on why governments should attempt to understand the complexities of economics before intervening, and how policy makers tend to overlook the long-term effects of their decisions.