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Economics in One Lesson is an introduction to free-market economics written by Henry Hazlitt and published in 1946, based on Frederic Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (What is Seen and What is Not Seen). The "One Lesson" is stated in Part One of the book: the art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups. Part Two consists of twenty-five chapters, each demonstrating the lesson by tracing the effects of one common economic belief, and showing it to be a fallacy. The contents of the fiftieth anniversary edition: A Foreword by Steve Forbes Part One: The Lesson Part Two: The Lesson Applied The Broken Window The Blessings of Destruction Public Works Mean Taxes Taxes Discourage Production Credit Diverts Production The Curse of Machinery Spread-the-Work Schemes Disbanding Troops and Bureaucrats The Fetish of Full Employment Who's "Protected" by Tariffs? The Drive for Exports "Parity" Prices Saving the X Industry How the Price System Works "Stabilizing" Commodities Government Price-Fixing What Rent Control Does Minimum Wage Laws Do Unions Really Raise Wages? "Enough to Buy Back the Product" The Function of Profits The Mirage of Inflation The Assault on Savings The Lesson Restated Part Three: The Lesson After Thirty Years
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