Hazlitt’s Economics in One Lesson (1946): An Aging Friend’s Long-Overdue Assessment—Gary North

“Henry Hazlitt tried to explain economics in one lesson in his famous book. What lesson? The lesson conveyed by Frédéric Bastiat’s 1850 analogy of the broken window. This is the lesson of the fallacy of the thing not seen. An economist should always consider what the owner of a broken window would have done with the money that he must now spend to replace the window. To consider only the employment-generating effects of the repair money is to commit the fallacy of the thing not seen. This is the error committed by people who praise government taxation used to build public works projects.”