Research Paper on:
Arguments of Henry Hazlitt

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for these prevailing fallacies is that man tends to see only the short-term effects of a policy or how that policy will affect only one group and they fail to  see the long-term effects or how the policy will affect the entire population (Hazlitt, 1981). Hazlitt offers a number of examples of the short-term thinking that is involved in  economic policies. Three of the concepts Hazlitt discusses are: the Broken Window fallacy; Blessings of Destruction and Public Works Promotes Taxes. These three will be explained in this essay.  The Broken Window Fallacy. Hazlitt tells the story of a young hoodlum who throws a brick through the window of a bakery. The crowd looking at the hole in  the window eventually spout some philosophical comments. Even though the baker will have to spend money to replace the window, there is a bright side to this event. If windows  were never broken, glaziers would go out of business. The $250 the baker will have to spend will give work to some glazier and the glazier will then have more  money to spend with other merchants and then, these merchants will have that $250 to spend with others and so on and so on until that $250 is keeping everyone  in business. The hoodlum who broke the window becomes an instrument of spreading business. Hazlitt points out that the first conclusion of providing more business to the glazier is certainly  valid but the baker had intended to use that money to purchase a new suit. Now, he must spend the money on glass instead of a suit. If the youngster  had not broken the window, the baker would have both his window and a new suit but now he has only a new window that he did not need in