Note On An Error in Hazlitt’s Economics in One Lesson

  • Walter Block Loyola University, Nova Orleans, Luisiana, United States
Keywords: Elasticity, Parity Prices, Costs, Profits

Abstract

Economics in One Lesson is the best introduction to economics ever written. It has enticed, educated, and inspired multitudes of people to embrace the teachings of the dismal science. To the extent that if there is any understanding of economics by the general public, it is due more to this book than to any other. Yet, I have uncovered one error in it, which I attempt to rectify, offering a very slightly improvement to a priceless book on economics.

Downloads

Download data is not yet available.

Metrics

Metrics Loading ...

Author Biography

Walter Block, Loyola University, Nova Orleans, Luisiana, United States

Walter Block is the Harold E. Wirth Eminent Scholar Endowed Chair in Economics at Loyola University, senior fellow of the Mises Institute, and regular columnist for LewRockwell.com.

References

ANDERSON, William et al. The Microsoft Corporation in Collision with Antitrust Law. The Journal of Social, Political and Economic Studies, v. 26, n. 1, p. 287-302, 2001.

AP. 1988. Farm Population Lowest Since 1850’s. Available at: https://www.nytimes.com/1988/07/20/us/farmpopulation- lowest-since-1850-s.html. Acessed: Jul 1 2019.

ARMENTANO, Dominick T. The Myths of Antitrust. New Rochelle: Arlington House, 1972.

ARMENTANO, Dominick T. Antitrust and Monopoly: Anatomy of a Policy Failure. New York: Wiley, 1982.

ARMENTANO, Dominick T. Antitrust Reform: Predatory Practices and the Competitive Process. Review of Austrian Economics, v. 3, p. 61-74, 1989. Available at: http://www.mises.org/journals/rae/pdf/rae3_1_4.pdf. Acessed: Jan 1 2020.

ARMENTANO, Dominick T. Antitrust: The Case for Repeal. Auburn: Mises Institute, 1999.

ARMSTRONG, Don. Competition vs. Monopoly. Vancouver: The Fraser Institute, 1982.

BARNETT, William II; BLACK, Walter E. Mises never used demand curves: was he wrong? Ignorant? No: The Antimathematicality of Demand Curves. Dialogue, v. 1, p. 23-31, 2010. Available at: http://www.uni-svishtov.

bg/dialog/title.asp?lang=en&title=101. Acessed: Jul 1 2019.

BARNETT, William; BLOCK, Walter E.; SALIBA, Michael. Perfect Competition: A Case of Market-Failure. Corporate Ownership & Control, v. 2, n. 4, p. 70-75, 2005.

BARNETT, William II; BLOCK, Walter E.; SALIBA, Michael. Predatory pricing. Corporate Ownership & Control, v. 4, n. 4, p. 401-406, 2007.

BLOCK, Walter E. Thymology, praxeology, demand curves, Giffen goods and diminishing marginal utility. Studia Humana, v. 1/2, p. 3—11, 2012. Available at: http://studiahumana.com/pliki/wydania/Thymology,%20praxeology,%20demand%20curves,%20Giffen%20goods%20and%20diminishing%20marginal%20utility.

pdf;wageshttp://studiahumana.com/art,The-second-issue,Thymology-Praxeology-Demand-Curves-Giffen-Goods-and-Diminishi.html. Acessed: Jul 1 2019.

BLOCK, Walter E.; BARNETT, William II. Giffen Goods, Backward Bending Supply Curves, Price Controls and Praxeology. Revista Procesos de Mercado, v. 9, n. 1, p. 353-373, 2012.

BLOCK, Walter E.; PHILBOIS, Gabriel. Giffen Goods and Backward Bending Supply Curves of Labor. Revista Estudios Libertarios, v. 1, p. 55-69, 2018. Available at: http://www.notaslibertarias.com/vol-1-2018/. Acessed:

Jul 1 2019.

BLOCK, Walter E. Austrian Monopoly Theory - a Critique. The Journal of Libertarian Studies, v. 1, n. 4, p. 271-279, 1977.

BLOCK, Walter E. Amending the Combines Investigation Act. Vancouver: The Fraser Institute, 1982.

BLOCK, Walter E. Total Repeal of Anti-trust Legislation: A Critique of Bork, Brozen and Posner. Review of Austrian Economics, v. 8, n. 1, p. 35-70, 1984.

BLOCK, Walter; BARNETT, William. Monopsony Theory. American Review of Political Economy, v. 7, n. 1/2, p. 67-109, 2009. Available at: http://www.arpejournal.com/ARPEvolume7number1-2/Block-Barnett.pdf. Acessed: Jan 1 2020.

BLOCK, Walter E.; WYSICKI, Igor. A defense of Rothbard on the demand curve against Hudik’s critique. Acta Economica et Turistica, p. 47-61, 2018. Available at: https://hrcak.srce.hr/index.php?show=clanak&id_clanak_jezik=296319. Acessed: Jan 1 2020.

BOUDREAUX, Donald J.; DILORENZO, Thomas J. The Protectionist Roots of Antitrust. Review of Austrian Economics, v. 6, n. 2, p. 81-96, 1992.

COSTEA, Diana. A Critique of Mises’s Theory of Monopoly Prices. The Quarterly Journal of Austrian Economics, v. 6, n. 3, p. 47-62, 2003. Available at: http://www.mises.org/journals/qjae/pdf/qjae6_3_3.pdf. Acessed: Jan 1 2020.

DILORENZO, Thomas J. The origins of antitrust: an interest-group perspective. International Review of Law and Economics, v. 5, p. 73-99, 1985. Available at: http://mason.gmu.edu/~trustici/LAW108/The%20Origins%20of%20Antitrust-20An%20Interest%20Group%20Perspective.pdf. Acessed: Jan 1 2020.

DILORENZO, Thomas J. The Myth of Natural Monopoly. Review of Austrian Economics, v. 9, n. 2, p. 43-58, 1996. Available at: http://www.mises.org/journals/rae/pdf/rae9_2_3.pdf. Acessed at: Jul 1 2019.

DILORENZO, Thomas J. The Truth About Sherman. Available at: https://mises.org/library/truth-about-sherman. Acessed: Nov 8 2019.

DILORENZO, Thomas J.; HIGH, Jack. Antitrust and Competition, Historically Considered. Economic Inquiry, v. 26, n. 1, p. 423-435, 1998.

HAZLITT, Henry. Economics in One Lesson. Auburn: Mises Institute, 2008 [1946].

HENDERSON, David R. The Robber Barons: Neither Robbers nor Barons. Library of Economics and Liberty, 2013. Available at: http://www.econlib.org/cgi-bin/printarticle2.pl?file=Columns/y2013/Hendersonbarons.html.

Acessed: Mar 24 2019.

HIGH, Jack. Bork’s Paradox: Static vs Dynamic Efficiency in Antitrust Analysis. Contemporary Policy Issues, v. 3, p. 21-34, 1985.

HULL, Gary. The Abolition of Antitrust. New Brunswick: Transaction Publishers, 2005.

KLEIN, Peter G. A note on Giffen goods. Unpublished, n/d. Available at: http://web.missouri.edu/~kleinp/misc/

giffen.pdf. Acessed: 1 Jul 2019.

KLEIN, Peter G.; SALERNO, Joseph T. Giffen’s Paradox and the Law of Demand. Unpublished, n/d. Available at: https://mises.org/library/giffen%E2%80%99s-paradox-and-law-demand. Acessed: 1 Jan 2020.

MCCHESNEY, Fred. Antitrust and Regulation: Chicago’s Contradictory Views. Cato Journal, v. 10, 1991.

MCGEE, John S. Predatory Price Cutting: The Standard Oil (New Jersey) Case. The Journal of Law and Economics, p. 137-169, 1958.

MURPHY, Robert P.; WUTSCHER, Robert; BLOCK, Walter E. Mathematics in Economics: An Austrian Methodological Critique. Philosophical Investigations, v. 33, n. 1, p. 44-66, 2010. Available at: http://onlinelibrary.

wiley.com/doi/10.1111/j.1467-9205.2009.01397.x/full. Acessed: Jan 1 2020.

PHILBOIS, Gabriel; BLOCK, Walter E. The Z Curve: Supply and Demand for Giffen Goods. MISES: Interdisciplinary Journal of Philosophy, Law and Economics, v. 6, n. 3, 2018. Available at: https://misesjournal.org.br/misesjournal/

article/view/311. Acessed: Jan 1 2020.

ROTHBARD, Murray N. Man, Economy and State. Auburn: Ludwig von Mises Institute, 2004 [1962].

SHUGART, William F. Don’t Revise the Clayton Act, Scrap It!. Cato Journal, v. 6, 1987.

SMITH, Jr.; FRED, L. Why not Abolish Antitrust?, Regulation 1983. Available at: http://cei.org/op-eds-andarticles/

why-not-abolish-antitrust. Acessed: Jan 23 2020.

TUCKER, Jeffrey. Controversy: Are Antitrust Laws Immoral?. Journal of Markets & Morality, v. 1, n. 1, 1998a.

Available at: http://www.acton.org/publications/mandm/mandm_controversy_35.php. Acessed: Jul 1 2019.

TUCKER, Jeffrey. Controversy: Are Antitrust Laws Immoral? A Response to Kenneth G. Elzinga. Journal of Markets & Morality, v. 1, n. 1, p. 90-94, 1998b. Available at: http://www.acton.org/publications/mandm/mandm_controversy_37.php. Acessed: Jul 1 2019.

U.S. Census Bureau 2014. Available at: https://www.census.gov/prod/www/agriculture.html. Acessed: Jul 1 2019.

U.S. Census Bureau 2019. Available at: https://www.nass.usda.gov/AgCensus/. Acessed: Jan 1 2020.

WYSOCKI, Igor; BLOCK, Walter E. The Giffen good – a praxeological approach. Ekonomia Wrocław Economic Review, v. 24, n. 2, p. 9-22, 2018. Available at: http://repozytorium.uni.wroc.pl/dlibra/publication/100651/

edition/94179/content?ref=desc. Acessed: Jul 1 2019.

Published
2020-05-17
How to Cite
1.
Block W. Note On An Error in Hazlitt’s Economics in One Lesson. MisesJournal [Internet]. 2020May17 [cited 2020Aug.12];8. Available from: https://revistamises.org.br/misesjournal/article/view/1258
Section
Essays & Insights