This week, Walter Williams channeled Henry Hazlitt (and by proxy Frédéric Bastiat) in a superb article dealing with the recent drive for the $15 minimum wage.
Call me crazy, but it seems every economic blunder pushed by our noble policy makers always boils down to Hazlitt’s one lesson, which he admittedly learned from Bastiat. Williams does us all a service when he shines a light on the idiocy of the know-it-alls to whom he sarcastically refers to as elites. Ironically, Williams’ spotlight on the “elites” and their bungling failures puts him in an elite class of his own, joined by both Hazlitt and Bastiat. Now that’s an elite class I can support.
As a refresher, Hazlitt’s lesson goes as follows:
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
If you only read one book during your lifetime related to economics, I would recommend Hazlitt’s Economics in One Lesson. Check out the free preview above and grab a copy if you care to educate yourself in our Battle for Liberty.