b'B ookr eviewBY SEAN RINGEconomics In One Lesson The Shortest and Surest Way to UnderstandBasic Economics By Henry Hazlitt (ISBN 978-0517548233; Crown Currency; 1988, paperback, 218 pages; $10.49)I f youve ever found yourself cor- Smashing Windows famous nered at a dinner party by that(and Fallacies)oneguywithaconspiratorialHazlitts first stop is the gleam in his eye and a penchant forBrokenWindowFallacy.Youve explaining why the economy is justheard the argument before, even if a series of smoke and mirrors, youllyou didnt realize it: destruction stim-appreciate Henry Hazlitts Economicsulates economic activity. The idea is in One Lesson. Its The Book that of- that rebuilding a shattered window, fers the economically curious a setfor example, creates jobs for glaziers, of brass knuckles to face the mud- boosts spending, and pumps life into dled nonsense of popular economicthe economy. What could possibly be thought. And by thought, I meanwrong with that?whateverpassesforitinpoliticalEverything.speeches, social media debates, or theHazlitt dismantles this nonsense average op-ed. by pointing out the unseen cost: the But lets not get ahead of ourselves.moneyspentonthenewwindow First, a quick primer: Hazlitts book iscould have been used for something an economics classic, albeit one thatelseperhaps a new pair of shoes. uses plain language to dismantle thesoobviousitseemslikecommonInstead of creating new value, weve kindofKeynesiantomfoolerythatsenseuntil you realize its preciselymerely replaced what was lost. Its has turned deficit spending into a na- what most policymakers and punditslikecelebratingaflattirebecause tional sport. First published in 1946,ignore. itsupportsthetire-repairindus-its a slim volume that packs a heavy- Why? Looking at all of the con- try.Hazlittstakeaway:destruction weight punch. Think of it as the liter- sequences of an economic policy re- doesntcreatewealth;itsquanders ary equivalent of Muhammad Ali inquireswork,patience,andcriticalresources.his primequick, elegant, and devas- thinking.ItsfareasiertopromiseSo, the next time someone extols tatingly effective. freelunchesthantoexplainwhytheeconomicbenefitsofrebuild-thoselunchesarentfree.Hazlittsing after a hurricane or a riot, feel free A Double-Edged Sword brilliance lies in his ability to showto remind them that their logic is as Hazlittbeginswiththetitularhoweconomicfallaciesperpetuatesound as a screen door on a subma-One Lesson: the art of economicsprecisely because they focus on im- rine.consistsofnotjustlookingatthemediate, visible effects while conve-immediate effects of any policy butniently ignoring long-term, invisibleNot Free, But Taxpayer- atthelonger-termeffects,aswell.ones. FundedFurther, it demands that the conse- The result? Politicians handing outAh, public works! The bread and quences of that policy be examinedeconomic band-aids while ignoringcircuses of modern governance. Ha-for all groups, not just one. A lessonthe arterial bleeding beneath. zlittaddressestheperennialmyth H ealtHF reedomN ews /w iNter2024 29'