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Economics in One (Video) Lesson: The Broken Window Fallacy

August 31, 2010

“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 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.””Economics is haunted by more fallacies than any other science known to man.”
— Henry Hazlitt in Economics in One Lesson


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