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Economics as defined by The American Heritage Dictionary is the social science concerned with the production distribution exchange and consumption of goods and services Economists focus on the way in which individuals groups business enterprises and governments seek to achieve efficiently any economic objective they select Hazlitts primary objective in writing Economics in One Lesson is as he presented and reiterated it in his introductory and concluding chapters the analysis of economic fallaciesfor many things that seem to be true when we concentrate on a single economic group are seen to be illusions when the interests of everyone as consumer no less than as producer are considered Upon an analysis of the books central topics the success of the authors attempt at fulfilling his purpose will become self-evident GOVERNMENT PRICE-FIXING One important aspect of the book was the discussion on the consequences of bureaucratic governmental involvement in the establishment of a nations economic policies which was the subject matter of Chapter SeventeenGovernment Price-Fixing But perhaps a more contemporary situation would best illustrate the authors theme of this section The various economic problems of recent years have stimulated serious debate about the proper role of public policy In the 1990s a solution to the impending economic crises was offered by the government of Sixto Duran Ballen of Ecuador In this country attempts were made to institute government regulations on private enterprise and to enlarge the potential profits of the agricultural industry and thus encourage additional investment higher productivity and renewed economic growth These were the central elements of supply-side economics the guiding doctrine of Ballen Price-fixing may have been seen as a favorable short-term solution but its long-term effect would be detrimental according to Hazlitt This policy would eventually lead to lower wages at the hands of those employed by the private enterprises which in turn would decrease their purchasing power and would yield no current advancement in the economic welfare of the nation This example
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