Economics in One Lesson
by Henry Hazlitt
(free online copy)
The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.
... Henry Hazlit
If you're a purely technical trader like I am, a study of economics may not play a great part in your day to day activities.
However, that doesn't mean that value cannot be gained by having a working knowledge of the subject.
From a longer-term investment perspective, a basic understanding of economics can assist with your wealth building and retirement planning.
And from a personal perspective, as a consumer and voter, it's certainly within your interest to have some understanding of the decisions being made by the bureaucrats, politicians & economists, and how these decisions impact your day to day life.
The following link will lead you to a great book, Economics in One Lesson, by Henry Hazlitt. It's an easy read and you should be able to knock over in a week or so.
The book was first published in 1946, with an update made in 1976. However, the principles are relevant today more than ever.
The book approaches the subject of economics through analysis of the economic fallacies which are prevalent throughout the modern world. One after another, as the economic fallacies are introduced and discussed, you'll see clearly how the policies of all major governments are largely influenced by acceptance of these fallacies.
To be honest, if you read this book, I suspect you'll understand more about economics than most of the economists and politicians who are currently driving us towards economic devastation.
With ever-increasing government and ever-decreasing freedom, this is essential reading for all.
Here's the link to an online copy of the book: http://jim.com/econ/
The link again: http://jim.com/econ/
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