Economics, as defined by The American Heritage Dictionary, is "the social science concerned with the production, distribution, exchange, and consumption of goods and services". Economists focus on the way in which individuals, groups, business enterprises, and governments seek to achieve efficiently any economic objective they select. Hazlitt's primary objective in writing Economics in One Lesson, is, as he presented and reiterated it in his introductory and concluding chapters, "the analysis of economic fallacies...for many things that seem to be true when we concentrate on a single economic group are seen to be illusions when the interests of everyone, as consumer no less than as producer, are considered..." Upon an analysis of the book's central topics, the success of the author's attempt at fulfilling his purpose will become self-evident.
             One important aspect of the book was the discussion on the consequences of bureaucratic governmental involvement in the establishment of a nation's economic policies, which was the subject matter of Chapter Seventeen-"Government Price-Fixing". But perhaps a more contemporary situation would best illustrate the author's theme of this section. The various economic problems of recent years have stimulated serious debate about the proper role of public policy. In the 1990s, a solution to the impending economic crises was offered by the government of Sixto Duran Ballen of Ecuador. In this country, attempts were made to institute government regulations on private enterprise and to enlarge the potential profits of the agricultural industry and thus, encourage additional investment, higher productivity, and renewed economic growth. These were the central elements of supply-side economics, the guiding doctrine of Ballen. Price-fixing may have been seen as a favorable short-term solution, but its long-term effect would be detrimental, according to Haz...