“have you not often been in a waiting room or a Pullman, noticed people all about you reading and finding yourself without any reading matter, have you not wished that you had some? – something to ‘occupy your mind’? And did it ever occur to you that you had within you the power to occupy your mind, and do it more profitable than all those assiduous readers? Briefly, did it ever occur to you to think?”
Posts Tagged ‘Henry Hazlitt’
This book was a great surprise for me. Time Will Run Back was written by one of my favorite economics authors, Henry Hazlitt. His earlier work titled Economics In One Lesson is more or less a text book that read, to me anyway, like a novel. Okay not really like a novel, but I found it to be readable and understandable. When I started reading this book I was astonished to find that this was, in fact, a work of fiction.
I was recently watching a movie that involved the newspaper industry. The deadline had passed and the main characters were in the factory where presses were printing the next day’s papers and the rollers were folding and transporting them. There was a furious debate about the feature article being wrong. It was apparently too late to change the paper, but the brave editor gave the order, “Stop the Presses!”
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.
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:
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