"The first requisite of a sound monetary system is that it put the least possible power over the quantity or quality of money in the hands of the politicians. -- Henry Hazlitt, Author: Economics In One Lesson" "The only legitimate amount of such power so held... is zero. -- Cypherpunks" https://fee.org/resources/economics-in-one-lesson/ https://mises.org/profile/henry-hazlitt "There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation; and when anyone points to what the consequences of these policies will be in the long run, they reply flippantly, as might the prodigal son of a warning father: 'In the long run we are all dead.' And such shallow wisecracks pass as devastating epigrams and the ripest wisdom. -- H. Hazlitt" "What is Seen and What is Not Seen" In his 1850 essay "Ce qu'on voit et ce qu'on ne voit pas" ("What is seen and what is not seen"), Bastiat introduced through the parable of the broken window the concept of opportunity cost in all but name. This term was not coined until over sixty years after his death by Friedrich von Wieser in 1914. "By virtue of exchange one man's prosperity is beneficial to all others. -- Frederic Bastiat" The Failure of the "New Economics" subtitled An Analysis of The Keynesian Fallacies, (1959) is a book by Henry Hazlitt offering a detailed critique of John Maynard Keynes' work The General Theory of Employment, Interest and Money (1936). Friedrich Hayek praised the work, referring to it as "a brilliant performance...I know of no other modern book from which the intelligent layman can learn so much about the basic truths of economics in so short a time." Nobel Prize laureate Milton Friedman stated: "Hazlitt's explanation of how a price system works is a true classic: timeless, correct, painlessly instructive." German-American economist Ferdinand A. Hermens wrote: "presidents and cabinet members...could learn a great deal if they would read Hazlitt's book and ponder its implications." Pulitzer Prize-winning journalist Edwin A. Roberts Jr. wrote: "Fifty years have passed since the book was first published...and it continues to stand as the clearest introduction to what to me is the most engagingly complicated of all academic disciplines."