In 1946, Henry Hazlitt published a book analyzing the economic fallacies that he saw as so prevalent at the time that they were almost a new orthodoxy. There was no major government in the world that had not had its economic policies influenced, if not wholly determined, by the acceptance of some of these fallacies.
In doing so, he did not focus on specific writers who espoused errors, but rather on the errors themselves.
Fallacies, when they have reached the popular stage, become anonymous anyway. … The doctrine becomes simplified, the sophism that may have been buried in a network of qualifications, ambiguities, or mathematical equations stands clear. I hope I should not be accused of injustice on the ground, therefore, that a fashionable doctrine in the form in which I have presented it is not precisely the doctrine as it has been formulated by Lord Keynes or some other special author. It is the beliefs which politically infIuential groups hold and which governments act upon that we are interested in here, not the historical origins of those beliefs.
I thought I’d do my next series on Hazlitt’s Economics in One Lesson. It will have several parts because Hazlitt did a detailed analysis that still holds water today.