Economics in One Lesson, Henry Hazlitt (High Quality version)

http://www.reddit.com/r/austrian_economics/

1. Walter Block - The Lesson
2. Thomas DiLorenzo - The Broken Window @ 15:58
3. Jeffrey Herbener - Public Works Means Taxes @ 24:28
4. Tom Woods - Credit Diverts Production @ 41:56
5. Robert Murphy - The Curse of Machinery @ 56:41
6. Walter Block - Disbanding Troops and Bureaucrats @ 1:12:21
7. Mark Thornton - Who's Protected By Tariffs? @ 1:29:35
8. Peter Klein - "Parity" Prices @ 1:47:06
9. Guido Hulsmann - How The Price System Works @ 2:09:13
10. George Reisman - Minimum Wage Laws @ 2:36:41
11. Joseph Salerno - The Function of Profits @ 2:52:45
12. Roger Garrison - The Assault on Saving @ 3:13:18

http://www.mises.org/

Buy the book:
http://mises.org/store/Economics-in-One-Lesson-P33.aspx

LUDWIG VON MISES INSTITUTE - CREATIVE COMMONS ATTRIBUTION 3.0

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[zsylvana]

Rothbard (who seems to be the most popular exponent these days) blames central banking for the existence of the business cycle, which is somewhat problematic, since the business cycle predates central banking. In fact, central banking in its modern form was introduced in an attempt to stabilise the business cycle. The US Federal Reserve was only established in 1913, after Mises had published his analysis.

[Nielsio]

@zsylvana Rothbard does not just blame central banking, instead he blames the expansion of credit without the expansion of savings. This happened before 1913 also. The difference being that having this solidified central bank makes it much easier to create money out of thin air, which corresponds perfectly with an extreme loss of purchasing power for each individual dollar since then.

You're perpetuating two myths: 1. what Austrians say, 2. that there was no fractional banking before 1913.

[zsylvana]

The modern Austrian school has tried to argue that the business cycle they describe is caused in some way by government policy, though the choice of policy varies from Austrian to Austrian -- some blame paper money and want a gold standard, others blame central banks, some want a strict prohibition on fractional reserve banking while others favour a laissez-faire policy of free banking, where anyone who wants can print money and others still (as Hayek )

a system of competing currencies.

[Jaluzaga]

@stalrunner @paulmurphy42 I know of somebody who has tried to refute Hazlitt, it's called government, and look what happens.

[stalrunner]

@paulmurphy42 You could look. I'm not aware of one.

[paulmurphy42]

@stalrunner Yes I appreciate that, but hasn't anyone ever written a short critique of Hazlitt? I basically agree with him, but there must be some areas where one can disagree...

[stalrunner]

@paulmurphy42 I've challenged anyone who wants to try to refute Hazlitt or Bastiat. I've never seen it happen where I couldn't easily refute their refutation.

[stephanstrack]

@ zsylvana not entirely true. Central banks where already here before 1913. See the bank of england and the charters for the central banks in the 19th century in America.

[FinallyAFreeUsername]

3 people hate bow ties.

[paulmurphy42]

Is there one particular book or pamphlet, or online site, which presents the opposite view to Henry Hazlitt?

[beavis408]

@Capnwabbit No its the 3rd.

[Capnwabbit]

@zsylvana The Federal Reserve is the 2nd central bank of the USA, not to mention the ones abroad, plus as Nielsio says, it's about the creation of cheap money (the primary "reason" for central banks), which has occurred throughout history such as the dilution of gold and silver content in official coinage etc. It's nice that you tried to be a smartarse and everything - but you failed.

[SDS4BO]

@zsylvana You need to think economically rather than like some resentful former government employee.