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re: EBC Book #1 - Economics in One Lesson by Henry Hazlitt
Posted on 6/25/17 at 6:36 pm to RedStickBR
Posted on 6/25/17 at 6:36 pm to RedStickBR
Hazlitt is killing it in Ch. 22. This is easily my favorite chapter yet. Here's another really good quote to remember for later:
quote:
Inflation, indeed, throws a veil of illusion over every economic process. It confuses and deceives almost everyone, including even those who suffer by it. We are all accustomed to measuring our income and wealth in terms of money. The mental habit is so strong that even professional economists and statisticians cannot consistently break it. It is not easy to see relationships always in terms of real goods and real welfare. Who among us does not feel richer and prouder when he is told that our national income has doubled (in terms of dollars, of course) compared with some preinflationary period? Even the clerk who used to get $25 a week and now gets $35 thinks that he must be in some way better off, though it costs him twice as much to live as it did when he was getting $25. He is of course not blind to the rise in the cost of living. But neither is he as fully aware of his real position as he would have been if his cost of living had not changed and if his money salary had been reduced to give him the same reduced purchasing power that he now has, in spite of his salary increase, because of higher prices. Inflation is the autosuggestion, the hypnotism, the anesthetic, that has dulled the pain of the operation for him. Inflation is the opium of the people.
This post was edited on 6/25/17 at 6:37 pm
Posted on 6/25/17 at 7:49 pm to RedStickBR
Just finished the book. Really enjoyed it. I thought it had become kind of mundane about halfway through, but it won me over again towards the end and really finished with a bang with its discussion of wages and inflation. I give it four of five stars. What say the rest of you?
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