The Free Market Reader by Llewellyn H. Rockwell Jr

Author:Llewellyn H. Rockwell, Jr. [Llewellyn H. Rockwell, Jr.]
Language: eng
Format: epub
ISBN: 978-1-61016-291-3
Publisher: The Ludwig von Mises Institute
Published: 1988-11-06T16:00:00+00:00

Mark Skousen

Rollins College

It is really great that we are gathered here to honor Henry Hazlitt, author of the magnificent Economics in One Lesson, the book that every economist I know wanted to write. . . .

Several months ago I was talking on the phone to Murray’s favorite economist, Paul A. Samuelson, about the paradox of thrift. All of you who have been taught from the Samuelson book know about the paradox of thrift: that savings is bad, that it reduces consumption, and that it is bad for the economy. I said, “Henry Hazlitt refutes the paradox of thrift in Economics in One Lesson.” Paul said, “Ah, but Henry Hazlitt is not an economist.”

“Peter Drucker echoes Hazlitt in several of his books.” “Well,” said Paul, “Drucker is not an economist either.”

“What about Irving Fisher, who said one week before the stock market crash that stocks have reached a permanent plateau?” “Oh,” Paul said, “he was not a stock market expert.” “Yes,” I said, “he was an economist!”

Of course, that just shows what the Keynesians know. Henry Hazlitt is a very great economist. But, as the old phrase has it, a man’s measure is the work he does and not the title he holds. That is especially true when it comes to Henry Hazlitt, for his accomplishments have been abundant and stunning.

Lord Acton said: “At all times, sincere friends of freedom have been rare and its triumphs have been due to minorities.” Henry Hazlitt has been one of those friends, and one of that minority. However, as Josh Billings noted, “As scarce as truth is, the supply has always been in excess of the demand.”

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