ECONOMICS – In One Uneasy Lesson: It is often difficult to reconcile the stark contrast between reports that the economy is improving and/or performing well, and those suggesting that the growing condition of poverty is reaching a crisis stage.
Some explain the contrast using the “one per cent” theory. They argue that the economy is doing well for the one percent, but not for the rest. There’s a grain of truth to that statistic, but not in the sense intended. Once understood, it is simply not a cause for concern.
For many attempting to keep from becoming part of the poverty statistics, it is the intricacies and challenges of finding a job, establishing a career, or embarking upon a new financial venture that is the real concern. These concerns simply cannot be reflected in economic/political statistics or theories – no matter how accurate or valid.
The theoretically accurate principles of economics can be taught in one simple lesson, as Henry Hazlitt demonstrated in his 1946 economic masterpiece, Economics in One Lesson, a lesson that was easily expressed in two to three pages.