Economics in One Lesson is an introduction to free-market economics written by Henry Hazlitt in 1946, based on Frederic Bastiat's essay Ce qu'on voit et ce qu'on ne voit pas (What is Seen and What is Not Seen). The "One Lesson" is stated in part one of the book: "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." Part two consists of 25 chapters, each demonstrating the lesson by tracing the effects of one common economic belief, and showing it to be a fallacy. A free market is an idealized market, where all economic decisions and actions by individuals regarding transfer of money, goods, and services are voluntary, and are therefore devoid of coercion and theft (some definitions of coercion are inclusive of theft). Colloquially and loosely, a free market economy is an economy... Henry Hazlitt (November 28, 1894 - July 8, 1993) was a libertarian philosopher, economist and journalist for The Wall Street Journal, The New York Times, and Newsweek, among other publications. ... 1946 was a common year starting on Tuesday. ... Frédéric Bastiat Claude Frédéric Bastiat (June 30, 1801–December 24, 1850) was a French classical liberal author and political economist. ...
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