Henry Hazlett introduced economic principles that are founded on common sense. My views of an ideal economic system were based on my economic classes that I have attended at the universities. I have been led to believe that John Maynard Keynes' General Theory was quite sound. I felt that governmental spending did propagate a greater real wealth. After reading Professor Lewis' summary of Hazlett's book, Economics In One Lesson, Keynes' General Theory does not appear to be as sound as I had once thought. Kenynes' General Theory and other economic theories are incomplete because they do not take into consideration the effects of policies on society as a whole, they only focus on how policies affect small groups (Hazlett 17). In the following paragraphs I will list some of the principles that are found in Hazlett's article and some of my experiences that reinforce the validity of Hazlett's principles.

I grew up in Panguitch, a small town in Southern Utah, where the local saw mill was the major employer in the area. Because of environmental issues, the local mill and the Kiabab timber industry in general were being shut down. The local sentiment and comments were th

I have appreciated the opportunity to explore some of the concepts included in Professor Lewis's summary of Hazlett's book, Economics In One Lesson. Some of the subjects that are covered in the book make me feel uneasy about the future of our nation. The more the government is involved in regulating the economy, the closer we will approach a strong central government, that will ultimately lead to communism. A statement on the last page of the summary makes me nervous. Hazlett mentions a plan in the 1970's to tax all incomes above the average in order to subsidize incomes that were below the average, I question the future of our society. If our leaders have ideas that will encourage members of our society to not be productive, what will our future hold? I was impressed with the common sense approach Hazlett uses when discussing economic policies. Hazlett was right when he said, "Economics is haunted by more fallacies than any other study known to man. This is no accident" (15).

Fifteen years later, I am witnessing many of the principles that Hazlett mentioned. Hazlett said, "There is a persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group, but all groups" (15-16). Many people in the community could only see the immediate effects. Many people were unemployed for a short time, but they were able to find other employment opportunities. New industries or expansion of the industries at that time, have contributed to the local population's sustainability in this area. Hazlett mentioned that when some industries die, necessary capital and labor shift from the dying industry to the new or expanding industries (102).

The discussion of the minimum wage laws were very interesting. I am employed at Ruby's Inn, located at the entrance to Bryce Canyon National Park. Ruby's Inn is a resort that provides service oriented employment opportunities. Many of the service oriented jobs are unskilled jobs. The increase in the minimum wage, without and increase in productivity, has made an impact on the profits of Ruby's Inn. To compensate for the loss of profits, we were forced to raise prices and increase productivity by reducing the number of employees that are employed. Hazlett refers

Some common words found in the essay are:
According Hazlett, Southern Utah, National Park, Economics Lesson, Ruby's Inn, Kenynes' Theory, Henry Hazlett, Garfield County, Keynes' Theory, Hazlett Economics, hazlett mentioned, minimum wage, rent control, hazlett's book economics, national park, canyon national, ruby's inn, safety net, hazlett's book, bryce canyon, canyon national park, bryce canyon national, book economics lesson, book economics, safety net amount,
Approximate Word count = 1601
Approximate Pages = 6 (250 words per page double spaced)