Abstract
Economics in One Lesson is the best introduction to economics ever written. It has enticed, educated, and inspired multitudes of people to embrace the teachings of the dismal science. To the extent that if there is any understanding of economics by the general public, it is due more to this book than to any other. Yet, I have uncovered one error in it, which I attempt to rectify, offering a very slightly improvement to a priceless book on economics.
Highlights
Economics in One Lesson is the best introduction to economics ever written
I owe my career in economics to Hazlitt (1946)
I use this book in my introduction to microeconomics classes, and I am very grateful to its author for writing it
Summary
Suppose price rises from 10 to 11, an increase of 10%, while quantity falls from 100 to 90. In order to have a rise of more than 10% in income, we must go not from $1000 to $990, but from $1000 to $1100 or more This would require a cost saving from the decrease in production of anything more than $110. Even if the firm were operating at breakeven originally and it raised its price to $11/unit, cost must have dropped from $10/unit to -$2/unit for this scenario to work. Farmers who are losing money are a “special group” that we choose not to ignore
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