As Some Industries Die, Capital Shifts and Others Emerge
Report on Henry Hazlett's book, "Economics In One Lesson" Henry Hazlett introduced economic principles that are founded on common sense. My views of an ideal economic system were based on my economic classes that I have attended at the universities. I have been led to believe that John Maynard Keynes' General Theory was quite sound. I felt that governmental spending did propagate a greater real wealth. After reading Professor Lewis' summary of Hazlett's book, Economics In One Lesson, Keynes' General Theory does not appear to be as sound as I had once thought. Kenynes' General Theory and other economic theories are incomplete because they do not take into consideration the effects of policies on society as a whole, they only focus on how policies affect small groups (Hazlett 17). In the following paragraphs I will list some of the principles that are found in Hazlett's article and some of my experiences that reinforce the validity of Hazlett's principles. I grew up in Panguitch, a small town in Southern Utah, where the local saw mill was the major employer in the area. Because of environmental issues, the local mill and the Kiabab timber industry in general were being shut down. The local sentiment and comments were th
The more the government is involved in regulating the economy, the closer we will approach a strong central government, that will ultimately lead to communism. Every increase in hourly wages, unless or until compensated by an equal increase in hourly productivity, is an increase in costs of production. The comment that was very disturbing to me is that inflation, "tears apart the whole fabric of stable economic relations. Nobody in our society can escape the effects of inflation. When the government undertakes the responsibility of fixing the economy, our government inches closer and closer to a communistic society. This expansion could not have taken place without the shifting of labor and capital that Hazlett discusses. New housing is not built because there is no incentive to build it. When the situation worsens, the government denies that their policies controlling rent are to blame. The discussion of the minimum wage laws were very interesting. [It will} create ill feeling between landlords who are forced to take minimum returns or even losses, and tenants who resent the landlord's failure to make adequate repairs.
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