“…the whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. 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.”

in Economics, Henry Hazlitt, Writers

-Henry Hazlitt, Economics in One Lesson (Westport, CT: Arlington House Publishers, 1979), p. 17.

Leave a Comment

Previous post:

Next post: