Friday, December 08, 2006

[Davis County Watch: Creative Solutions] More reading by Classic Economists

I'm reading Economics in One Lesson, by Henry Hazlitt. First published in 1946, its principles are still, largely, true today.

One example is a discussion that Hazlitt has on why public policy should be based on production and not employment.

"It would be far better, if that were the choice--which it isn't--to have maximum production with part of the population supported in idleness by undisguised relief than to provide "full employment" by so many forms of disguised make-work that production is disorganized. The progress of civilization has meant the reduction of employment, not its increase. It is because we have become increasingly wealthy as a nation that we have been able virtually to eliminate child labor, to remove the necessity of work for many of the aged and to make it unnecessary for millions of women to take jobs."
Another I like is Bastiat's, Economic Sophisms. A pamphlet written to discuss the fallacies that have led to restrictive trade policies.

Posted by Tyler Farrer to Davis County Watch: Creative Solutions at 12/08/2006 02:34:00 PM