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

You cannot make a man worth a given amount by making it illegal for anyone to offer him anything less. You merely deprive him of the right to earn the amount that his abilities and situation would permit him to earn, while you deprive the community even of the moderate services that he is capable of rendering. In brief, for a low wage you substitute unemployment. You do harm all around, with no comparable compensation.

heavy unemployment means that fewer goods are produced, that the nation is poorer, and that there is less for everybody.

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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