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re: EBC Book #1 - Economics in One Lesson by Henry Hazlitt
Posted on 6/15/17 at 7:16 pm to GeauxPack81
Posted on 6/15/17 at 7:16 pm to GeauxPack81
I'd contend it's still a net loss unless the new window was somehow able to offset it.
For instance, if someone killed your non-fully depreciated workhorse (an economic loss) and you then went and bought a tractor, chances are it would be a net gain for the economy (assuming there were no subsequent loss offsets associated with the higher production of crops).
I think the point he's trying to make is that there is only x amount of economic "pie." Some things simply replace one piece of pie with another of equal attributes, while others grow or reduce the size of the pie. It seems Hazlitt is saying the broken window and war would (all else equal) be more likely to reduce the total size of the pie.
For instance, if someone killed your non-fully depreciated workhorse (an economic loss) and you then went and bought a tractor, chances are it would be a net gain for the economy (assuming there were no subsequent loss offsets associated with the higher production of crops).
I think the point he's trying to make is that there is only x amount of economic "pie." Some things simply replace one piece of pie with another of equal attributes, while others grow or reduce the size of the pie. It seems Hazlitt is saying the broken window and war would (all else equal) be more likely to reduce the total size of the pie.
1
Posted on 6/15/17 at 10:32 pm to RedStickBR
Hope is everyone doing well with the book. Out of curiosity, what kind of participation do we have? Please chime in if you are reading the first half of the book this week or plan to.
I'm 2/5 through it and think it makes a lot of salient points but leaves a lot of points open for further thought and discussion. If nothing else, it's a great conversation starter and a good first read for this group.
We still have Sowell's book on tap next if y'all still want to go that route. Or, if there's a point made in this book that the group wants to drill down further on, we can make a diversion before circling back to Sowell. What say ye?
I'm 2/5 through it and think it makes a lot of salient points but leaves a lot of points open for further thought and discussion. If nothing else, it's a great conversation starter and a good first read for this group.
We still have Sowell's book on tap next if y'all still want to go that route. Or, if there's a point made in this book that the group wants to drill down further on, we can make a diversion before circling back to Sowell. What say ye?
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