The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups β¨ Henry Hazlitt (2010). Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics, p.12, Crown Business
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- The ideas which now pass for brilliant innovations and advances are in fact mere revivals of ancient errors, and a further proof of the dictum that those who are ignorant of the past are condemned to β¦ βΆ
- Economics is haunted by more fallacies than any other study known to man. This is no accident. The inherent difficulties of the subject would be great enough in any case, but they are multiplied a th β¦ βΆ
- The great merit of gold is precisely that it is scarce; that its quantity is limited by nature; that it is costly to discover, to mine, and to process; and that it cannot be created by political fiat β¦ βΆ
- The monetary managers are fond of telling us that they have substituted 'responsible money management' for the gold standard. But there is no historic record of responsible paper money management ... β¦ βΆ
- There is no more certain way to deter employment than to harass and penalize employers. β¨ Henry Hazlitt (2010). Economics in One Lesson: The Shortest and Surest Way to Understand Basic Economics, p.2 β¦ βΆ
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