As has been said here before, the most important line in Henry Hazlitt’s Economics In One Lesson has rarely, if ever, been referenced. Hazlitt wrote, “What is harmful or disastrous for an individual must be equally harmful or disastrous to the collection of individuals that make up a nation.” If individuals of varying and warring economic stripes would internalize the Hazlitt passage, much precious time would be saved on economic matters.
Contemplate a recent piece by Harvard economist Jason Furman at the New York Times. Opining about the Trump economy, Furman wrote that “One well-measured component of economic growth is consumer spending, which represents more than two-thirds of the overall U.S. economy. And American consumers have been spending at a surprisingly rapid pace this year, based on a combination of lower-income consumers stretching their borrowing and higher-income ones spending some of their newfound stock market wealth.” Furman has a skill for fitting a great deal that’s incorrect into very few words
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