Framing the Dialogue

Posts Tagged ‘economic fallacy’

Economics In One Lesson

In 1946 the price of gasoline was 15 cents a gallon, the average cost of a car was $1,120 and an average house was $5,600 and I wasn’t born.  Also in 1946, Economics in One Lesson was published as an economics textbook.  A few questions probably come to mind:

  • Why read a textbook?
  • Why read a book about economics?
  • Why read a book written in 1946?

I bought the book because Henry Hazlitt is credited as the author of the Broken Window Fallacy and I was interested in the concepts behind the story.  I did not realize that it was a textbook and didn’t expect much as I started to read.  It only took a few pages to become immersed in the pages.

The Broken Window

I started to write this posting a month ago.  As I started my research about the broken window economic “fable” I found out that it is attributed to Henry Hazlitt.  He was a noted economist that I had never heard about.  I really wanted to find out about his thoughts and purchased his book, Economics In One Lesson.

More about the book in a later posting, but here is an abbreviated version of the broken window: