The Wisdom of Henry Hazlitt (LvMI)

The Wisdom of Henry Hazlitt has 19 ratings and 0 reviews. A collection of some of the most incisive Hazlitt articles and essays prepared by the Foundatio.
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He wrote on contemporary literature as a springboard to his own rich observations on philosophy, culture, history, economics, and politics.

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And while there, he penned an early refutation of literary deconstructionism, The Anatomy of Criticism Throughout his life, Hazlitt became more and more opposed to government intervention in the economy, and time and again he refused to give in to pressure from publishers and editors to change his views.

He chose principle and integrity over fame and fortune, and as a consequence, he was squeezed out of a series of prestigious jobs. The first such occurrence was when the New Deal brought state planning to national economic life. Hazlitt used his literary fame and post at the Nation to attack Roosevelt's regimentation. After some internal debate, and a series of public debates between Hazlitt and prominent socialist Louis Fischer, the magazine shifted to a pro-New Deal position.

The Wisdom of Henry Hazlitt by Henry Hazlitt

Hazlitt's adherence to principle led to his ouster. In the early thirties, the literary set also turned against H. Mencken, founding editor of American Mercury , because of his opposition to the New Deal. When Mencken decided to turn the journal over to a new editor, he named Hazlitt, calling him the "only competent critic of the arts that I have heard of who was at the same time a competent economist, of practical as well as theoretical training. Hazlitt was editor for nearly two years until he decided to go back into newspaper work. In those days, even the New York Times was not as left-wing as it is today, and the paper hired Hazlitt to write unsigned editorials and signed review essays, which he did from to This bibliography reveals for the first time which editorials are his.

Appearing almost daily, they covered an extraordinarily wide range: While at the Times , he did whatever he could to hold back the tide of statism.

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Whatever steps were taken away from price controls and unionization after the war could be due in part to his influence. His lengthy review essays on the covers of the New York Times Book Review demonstrated a brilliant grasp of contemporary literature, economics, and politics. During this time he also met the emigre economist Ludwig von Mises, whose work Hazlitt had admired.

Hazlitt and Mises became friends, and Mises thrilled to Hazlitt's editorial blasts against government planning and often consulted Hazlitt on editorial matters and contemporary politics. It is said that Hazlitt even prepared, at Mises's request, a version of Human Action as a journalist would have written it. Mises thanked him, but rejected most of the changes. As with his previous positions, Hazlitt eventually came under pressure from the publisher to compromise himself. Hazlitt had taken on Keynes's plans to reconstruct the monetary system after the war, and predicted world-wide inflation in the decades ahead.

The Times , however, was moving to the left and so wanted to endorse the Bretton Woods agreement, including the World Bank and International Monetary Fund. It is an inflationist scheme that will end badly and I can't support it. Soon after, he was squeezed out, but landed a job with Newsweek magazine, and became one of the most influential financial writers in the country. His weekly "Business Tides" column was enduringly popular.

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While at Newsweek , Hazlitt wrote Economics in One Lesson , which has sold nearly one million copies and is available in at least ten languages. Hazlitt argued that government intervention focuses on the consequences that are seen and ignores those that are not. The latter include wealth not created and even destroyed by regulation, inflation, and taxation.


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In , he wrote Will Dollars Save the World? The subsequent history of U. In , Hazlitt became editor, along with John Chamberlain, of the fortnightly magazine, the Freeman ; some of his best articles published there were later collected into The Wisdom of Henry Hazlitt.

Also as a prophet, Hazlitt wrote The Great Idea reprinted a year later as Time Will Run Back , a novel showing how a country can move from socialism to market economics at a time when most people thought socialism was the unstoppable wave of the future. And though it was panned by the American academic journals at the time, it enlivened a growing movement favoring free markets over state planning and continues to be an essential resource.

A year later, Hazlitt collected a series of scholarly attacks on Keynes as The Critics of Keynesian Economics , still in print today.


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