What Henry Hazlitt Can Teach Us About Inflation, by James Grant

March 18, 2016
By Steve Blumenthal

“So what do we do? Anything. Something. So long as we just don’t sit there. If we screw it up, start over. Try something else. If we wait until we’ve satisfied all the uncertainties, it may be too late.”
– Lee Iacocca

“This is the 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 on all groups. It is the fallacy of overlooking secondary consequences.”
– Henry Hazlitt, Economist

It is the fallacy of overlooking secondary consequences that is keeping me up at...