From this aspect, therefore, the whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence. The act 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 only for one group but for all groups.
Henry Hazlitt, Economics in One Lesson (p17). You can read ch 1 using Amazon UK's Look Inside thingy.
Rev'd Tim Ambrose has been blogging his way through Hazlitt from time to time.
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