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The Lesson

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05/17/2019Henry Hazlitt

The whole of economics can be reduced to a single lesson, and that lesson can be reduced to a single sentence:

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.

Excerpted from Economics in One Lesson, pp. 3-7.

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