Henry Hazlitt
Full Name and Common Aliases
Henry Stuart Hazlitt, commonly known as Henry Hazlitt, was a prominent American journalist, economist, and philosopher. His insightful writings and critiques on economic theory have left a lasting impact on both academic and popular understandings of economics.
Birth and Death Dates
Henry Hazlitt was born on November 28, 1894, and passed away on July 9, 1993. His nearly century-long life spanned significant periods of economic change and development, during which he contributed extensively to economic thought.
Nationality and Profession(s)
Henry Hazlitt was an American by nationality. Throughout his career, he wore many hats, including those of a journalist, economist, literary critic, and philosopher. His diverse professional roles allowed him to influence a wide audience through various platforms.
Early Life and Background
Born in Philadelphia, Pennsylvania, Hazlitt faced the challenge of losing his father at a young age. Raised by his mother, he grew up in Brooklyn, New York, where he attended the City College of New York. Although he did not complete his degree, his self-directed education in economics and philosophy laid the foundation for his future endeavors. Hazlitt's early exposure to the works of classical economists like Adam Smith and John Stuart Mill sparked his lifelong interest in economic theory.
Major Accomplishments
Henry Hazlitt's career was marked by significant accomplishments in journalism and economic thought. He began his career as a financial editor for The New York Evening Post and later worked for The Wall Street Journal. However, it was his tenure at The New York Times as an editorial writer that solidified his reputation as a leading economic journalist. Hazlitt's ability to distill complex economic concepts into accessible language made his columns widely read and respected.
Notable Works or Actions
Among Hazlitt's numerous writings, his book "Economics in One Lesson" stands out as a seminal work. Published in 1946, this book has been praised for its clear and concise explanation of economic principles, making it a staple for students and enthusiasts of economics. Hazlitt was also a staunch critic of Keynesian economics, and his book "The Failure of the 'New Economics'" offered a detailed critique of John Maynard Keynes's theories. Additionally, Hazlitt played a pivotal role in the founding of the Foundation for Economic Education, an organization dedicated to promoting free-market economics.
Impact and Legacy
Henry Hazlitt's impact on economic thought and policy is profound. His writings have influenced generations of economists, policymakers, and laypeople interested in understanding the principles of economics. Hazlitt's advocacy for free-market capitalism and his critiques of government intervention have resonated with libertarian and conservative thinkers. His work continues to be a touchstone for those who argue for limited government and individual economic freedom.
Why They Are Widely Quoted or Remembered
Henry Hazlitt is widely quoted and remembered for his ability to articulate complex economic ideas in a manner that is both engaging and understandable. His emphasis on the long-term consequences of economic policies, as opposed to short-term gains, has made his insights particularly relevant in discussions about fiscal responsibility and economic sustainability. Hazlitt's quotes often reflect his belief in the power of individual choice and the dangers of government overreach, themes that continue to resonate in contemporary economic debates. His legacy endures through his writings, which remain a valuable resource for anyone seeking to understand the fundamental principles of economics.
Quotes by Henry Hazlitt
Henry Hazlitt's insights on:
A strong passion for any object will ensure success, for the desire of the end will point out the means.
It is as foolish to try to preserve obsolescent industries as to try to preserve obsolescent methods of production: this is often, in fact, merely two ways of describing the same thing.
The best wage rates for labor are not the highest wage rates, but the wage rates that permit full production, full employment and the largest sustained payrolls.
Inflation itself is a form of taxation. It is perhaps the worst possible form, which usually bears hardest on those least able to pay.
For it is the very commodities selected for maximum price-fixing that the regulators most want to keep in abundant supply. But when they limit the wages and the profits of those who make these commodities, without also limiting the wages and profits of those who make luxuries or semiluxuries, they discourage the production of the price-controlled necessities while they relatively stimulate the production of less essential goods.
And in terms of welfare, of course, the loss suffered will be much greater than the loss in merely arithmetical terms, because the psychological losses of those who are unemployed will greatly outweigh the psychological gains of those with a slightly higher income in terms of purchasing power.
The more war destroys, the more it impoverishes, the greater is the postwar need. Indubitably. But need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.
So the government launches on a gigantic housing program – at the taxpayers’ expense.
Modern capitalism benefited the masses in a double way – both by greatly increasing the wages of the masses of workers and greatly reducing the real prices they had to pay for what was produced.
What a commodity has cost to produce in the past cannot determine its value. That will depend on the present relationship of supply and demand.