Economics As Recognizing Secondary Consequences
February 6th, 2009
| Categories: Economics
Economics, as we have now seen again and again, is a science of recognizing secondary consequences. It is the science of tracing the effects of some proposed or existing policy not only on some special interest in the short run, but on the general interest in the long run.
(Henry Hazlitt, Economics in One Lesson, 1996 (first published in 1946), Laissez Faire Books, p176)
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