And in terms of welfare, of course, the loss suffered will … - Henry Hazlitt

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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.

Henry Hazlitt

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About Henry Hazlitt

Henry Stuart Hazlitt (November 28, 1894 – July 9, 1993) was an American journalist who wrote about business and economics for such publications as The Wall Street Journal, The Nation, The American Mercury, Newsweek, and The New York Times.

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Alternative Names: Henry Stuart Hazlitt

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John Maynard Keynes Milton Friedman Friedrich Hayek John Kenneth Galbraith Jean-Baptiste Say

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people are becoming aware that government has nothing to give them without first taking it away from somebody else — or from themselves. Increased handouts to selected groups mean merely increased taxes, or increased deficits and increased inflation.

need is not demand. Effective economic demand requires not merely need but corresponding purchasing power.

Everything we get, outside of the free gifts of nature, must in some way be paid for.

And in terms of welfare, of course, the loss suffered will be much greater than the loss in merely arithmetical terms, because the psychological loss… - Henry Hazlitt

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