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Economy Essay

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Below is an essay on "Economy" from Anti Essays, your source for research papers, essays, and term paper examples.

What forms the basis of the book One Lesson in Economics by Hazlitt is the notion being put succinctly that economic thought is suffering from two major ills; one is that some economists are out to perpetrate long held beliefs, which are inherently flawed and will go to whatever extend to spread such beliefs at the expense of the population. Hazlitt (1946, p.1), also laments at how facts are been distorted by the short term and narrow thinking of both rogue economists. It is sad, that such fallacy in economic thinking ends up shaping government economic policy. The reason why such thinking is thriving is because the short-term focus on issues at times is more refreshing and that the citizens are not just ready to stretch their imagination and focus on how the present proposed decisions would affect their future. The end results is that policies are not reviewed thoroughly, taking into consideration both their direct and indirect effects in the short term as well as the long run.
The stakes are even higher when a section of the society is to benefit from a proposed policy position. In such cases, those to benefit are ready even to buy the ‘best minds’ (Hazlitt, 1946, p. 3) to do their bidding to ensure that as many people as possible are fooled into looking only at one side, normally the less harmful part of the policy. The issue of lobbying and even bribing legislators to pass policies is brought out succinctly here. Hence, the fact that the policy is passed by parliament and a good number of the public is buying the idea does not mean it’s a good for everybody. Even in such a case, when the undesirable effects are experience in future, everybody will equally be affected.
The big part of the book talks about the various misconceptions surrounding various government policies such as spending, taxation and tariffs. Government policies are what guide our lives on a daily basis, and getting it wrong is a matter that should not be taken lightly. The plank of argument...

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