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Report on Henry Hazletts book Economics In One Lesson Henry Hazlett introduced economic principles that are founded on common sense My views of an ideal economic system were based on my economic classes that I have attended at the universities I have been led to believe that John Maynard Keynes General Theory was quite sound I felt that governmental spending did propagate a greater real wealth After reading Professor Lewis summary of Hazletts book Economics In One Lesson Keynes General Theory does not appear to be as sound as I had once thought Kenynes General Theory and other economic theories are incomplete because they do not take into consideration the effects of policies on society as a whole they only focus on how policies affect small groups Hazlett 17 In the following paragraphs I will list some of the principles that are found in Hazletts article and some of my experiences that reinforce the validity of Hazletts principles I grew up in Panguitch a small town in Southern Utah where the local saw mill was the major employer in the area Because of environmental issues the local mill and the Kiabab timber industry in general were being shut down The local sentiment and comments were that the town would disappear People in the area felt that the local economy would not support the population and many people would have to move away Fifteen years later I am witnessing many of the principles that Hazlett mentioned Hazlett said There is a persistent tendency of men to see only the immediate effects of a given policy or its effects only on a special group and to neglect to inquire what the long-run effects of that policy will be not only on that special group but all groups 15-16 Many people in the community could only see the immediate effects Many people were unemployed for a short time but they were able to find other employment opportunities New
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