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Tools for Teaching - Discipline-Instruction-Motivation (English Edition) 2nd Edition, Kindle-editie
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If you have even a passing interest in Economics, pick up this book. You’ll be glad you did!
The lesson is clear and concise. Whenever government creates an economic policy to aid a particular group, the long term effects on all groups must be considered. In short chapters free of technical economic jargon, Hazlitt explains how short term policies aimed at helping one group or another are damaging to other groups, and sometimes, even to the people the legislation is intended to help.
Everyone will have a favorite chapter or two. My own are his dissection of how the price system works in a free market system, and also, in less than six pages, an absolute devastation of the minimum wage mandate, a concept creating increased unemployment, higher costs and higher consumer prices. This is because this sort of government fiat disavows the economic truth that employees should be paid based on their own productivity. Hazlitt also points that out in his explanation that unions do not raise wages, the actual market rates for employees is the determining factor.
Underlying all of this, although unsaid, is the concept of human interaction as applied to economics, as developed by von Mises. But the complexity of that theory is too deep for Hazlitt's purposes of instruction on how macroeconomics works. And that is perfectly fine.
This is the book for everyone who wants to understand how markets work. Every legislator and every executive of any governmental body should read it, too. That however would put too much strain on most of them,for too many in the political class are concerned with their own continuous goal, staying entrenched in office. And that in itself tears sound economic policy to shreds, every day in every way.