b'that government spending on infra- sumersdisguisedasprotectionsage that should resonate with any-structureroads, bridges, statues offordomesticindustries. Yes,theyone whos ever complained about politicians with dubious legaciesisshield those businesses from foreigngreedycorporationswhilesimul-a magic wand for economic growth. competition. But they shield themtaneously complaining about them But wait, you ask, arent thoseattheexpenseofeveryoneelse.by posting on X from their iPhones thingsgood?Sure,theycanbe.Higher prices, reduced choices, andwhile wolfing down avocado toast The problem, Hazlitt reminds us, iseconomic inefficiency are the actualand an egg-nogg latte.that taxes fund such projects. Andcosts of protectionism.taxes,lestweforget,takemoneySo, the next time someone sug- Why You Should Read outofthepocketsofindividualsgests that tariffs are a win for theThis Book (Again)and businesses. What could thoseeconomy, remind them that taxingHazlittsEconomicsinOneLes-people have done with that money?your citizens to prop up uncompet- son is a survival guide for navigat-Well never know because the gov- itive industries is about as bright asingtheeconomicnonsensethat ernment has already spent it on aburning your house down to keeppermeates modern discourse.bridge to nowhere. warm. So, the next time someone tells Hazlittsbitingcritiqueshouldyou that we need more government be required reading for anyone whoInflation: The Illusion ofspending,highertariffs,orartifi-still believes in the economic toothProsperity cially low interest rates, do yourself fairy. Hazlitts chapter on inflation isa favor: hand them a copy of Eco-remarkably prescient in todays eco- nomics in One Lesson and watch as Luddites of the World,nomic climate. He explains inflationtheir arguments crumble faster than Unite! is a stealthy way for governmentsa house caught in a tornados path.Ever since the dawn of the In- to rob their citizens, not a sign ofWrap UpdustrialRevolution,theresbeenprosperity. Its a tax that a centralHazlittsEconomicsinOneLes-apersistentfearthatmachinesbank unethically levies, not a leg- son is a welcome relief in a world will destroy jobs. Hazlitt gleefullyislature. Inflation erodes the valuecelebratingeconomicilliteracy.It trashes this notion, pointing out thatof savings, distorts investment, andreminds us that good economics is technological progress doesnt elim- wreaks havoc on the economy. about understanding the unseen, the inate jobs; it reallocates them. Ma- And yet, inflation is often soldlong-term, and the big picture.chines increase productivity, lowerto the public as a necessary evil orDo yourself a favor, grab a copy, costs, and free up human labor forevenagoodthing.Hazlittsad- pour yourself a stiff drink, and pre-other pursuitslike writing snarkyvice? Dont buy it. Inflation benefitspare to see the Worldand its eco-economic reviews. debtors (read: governments) at thenomic absurditiesin a new light. ItsashameBarackObamaexpense of savers and wage earn- Just be warned: once youve read Ha-didntreadthisbook.Otherwise,ers. Its the economic equivalent ofzlitt, youll never be able to watch the he wouldnt have bemoaned howa shell game, and youre the suckernews without yelling at your TV.ATMs took the jobs of bank tellers.being fleeced.(They didnt.)TherealcurseofmachineryProfit: Capitalisms Crossword Puzzle Answersisnt job destruction; it exposes theDirty Wordeconomic illiteracy of those who cryPerhaps one of Hazlitts most im-wolf every time a new technologyportant lessons is his defense of prof-emerges. Remember when comput- its. In an era where profit is often ers were going to put us all out oftreated as a four-letter word, Hazlitt work? Funny how that turned out. reminds us that profits are essential for economic progress. They signal The Donald Should Readwhere resources should be allocated, About Tariffs incentivize innovation, and reward Hazlitts takedown of tariffs is arisk-taking.masterclass in economic wit. HazlittDestroy profits, and you destroy argues that tariffs are a tax on con- theengineofgrowth.Itsames-30 H ealtHF reedomN ews /w iNter2024'