Econonics in One Lesson: The Shortest and Surest Way to Understand Bassic Economics

Abstract

This book is an analysis of economic fallacies that are at last so prevalent that they have almost become a neworthodoxy. The one thing that has prevented this has been their own self-contradictions, which have scattered those who accept the same premises into a hundred different ‘ ‘schools, ’’ for the simple reason that it is impossible in matters touching practical life to be consistently wrong. But the difference between one new school and another is merely that one group wakes up earlier than another to the absurdities to which its false premises are driving it, and becomes at that moment inconsistent by either unwittingly abandoning its false premises or accepting conclusions from them less disturbing or fantastic than those that logic would demand.