Time Will Run Back eBook Henry Hazlitt
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Henry Hazlitt (1894–1993) was a well-known journalist who wrote on economic affairs for the New York Times, the Wall Street Journal, and Newsweek, among many. He is perhaps best known as the author of the classic Economics in One Lesson (1946). But Hazlitt was well equipped to be a fiction writer. He was literary editor of The Nation for three years and H.L. Mencken's successor at the American Mercury.
Time Will Run Back is an excellent introduction to the problems of economic systems, and can be a great benefit to young people who are curious about the meaning of economic analysis. It is, in fact, suitable for all ages. The Mises Institute is very pleased to sponsor this edition.
The plot line of this splendid novel, first published in 1951 and revised in 1966, explores the economic theories of capitalism and socialism.
It begins in a fully socialist society in which the new leader, who finds himself in that position only by accident, begins to rethink the economic basis of the system. He first begins to wonder whether the economy is doing well at all, and how one might know. This sets him on a path to thinking about prices and calculation, and about the very meaning of productivity.
Commerce is introduced when the leader decides to allow the trading of rationing tickets; shortly, markets appear — and everyone seems to be better off as a result.
And on it continues. Slowly, piece by piece, he dismantles central planning and replaces it with a market system. All the while, the characters are engaged in a Socratic-style discussion about the implications of money, exchange, ownership, markets, entrepreneurship, and more.
Time Will Run Back eBook Henry Hazlitt
Hemingway has nothing to worry about. As a novelist, Mr. Hazlitt remains an excellent economist. Anticipating Ayn Rand perhaps, Mr. Hazlitt achieves his purpose of displaying the fallacies of a Marxist approach to governance through a fictionalized character, but his fiction style, though clear, is a drudgery to read. His “Economics in One Lesson” was actually more interesting. One memorable phrase in his book was “Vicarious Generosity”, righting perceived ills with other people’s money.As I read his plot of Marxist rulers liquidating people who they perceived as threats, the nightly news was reporting Kim Jong Un’s “liquidation” of his uncle, as he executed his former girlfriend awhile back. Venezuela President Nicholas Maduro just sent the army to appliance stores to force prices lower on television sets, another topic Hazlitt addresses. People don’t seem to learn. In “Economics in One Lesson” Hazlitt correctly predicted the outcome of government insured mortgages, which could have avoided the entire 2007 economic meltdown if our politicians and bureaucrats weren’t idiots.
I had to give it 5 stars anyway, out of respect for Mr. Hazlitt’s views, if not his fiction skills.
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Time Will Run Back eBook Henry Hazlitt Reviews
Set in the year 2100, Wonworld is the global socialist police state run from Moscow. Civilization has not progressed (and has even digressed somewhat) since the victory of Marxist socialism over capitalism in the 20th century. A thin, but entertaining, story of political intrigue follows the rise of a new young dictator to world prominence. Because he has been isolated on an island for most of his life (a necessary plot device) he can see that something is wrong in the socialist paradise (but he's not sure what). Slowly and gropingly he (with the help of a similarly-minded politburo member) tries to figure out and correct the problems of socialism. They do this over a modest backdrop of character development and plot twists.
The meat of the book consists of the Socratic arguments between Peter (the young dictator) and Adams (his confidant). Conjoining those arguments are their attempts to implement economic policies (often in dangerous conflict with the status quo) to improve the life of the people. Sometimes they guess right. Sometimes wrong. In either case, Hazlitt uses each situation to teach us something about economics, and this is where Hazlitt shines. He is a master at making economics understandable anyway (in his non-fiction books), but using fiction to dramatize his points works extremely well.
Ultimately, Peter and Adams "rediscover" freedom and capitalism, but not without encountering some difficult philosophical questions - both on their journey and facing them in their future.
I have been reading a number of odd books lately, and this fits right in. I believe that Hazlitt was a brilliant and gifted economist, not so much as a writer of fiction. This has an interesting premise; in a world where communism wins the battle of world domination, a new leader is promoted who had a completely sheltered adolescence. He can not stand the hypocrisy of socialism and strives for a more free and open society. The execution falls a bit flat and it is easy to see why Orwell's "1984" became more of a classic. The worlds start out very similar; and this book actually offers solutions through a free-market approach but Orwell has a better refined execution and even a grudgingly reluctant acceptance of socialism (to make it palatable to English teachers).
The ebook I purchased from LvMI through had many typographical errors.
This book, along with the U.S. Constitution, would be excellent for basic required reading for H.S. students. In an interestingly written novel form, the basics of Socialism & Capitalism are both explained demonstrated & compared. Suffering, death, inhumanity & misery are the unavoidable consequence of one. Individual freedom, pride, self respect, mutual cooperation & intellectual, spiritual (as in one's sense of life) and material growth spring from the other. Life without individual freedom & volition denies man's nature & that which makes him human & separates him from the dominance of his ape like ancestors. Very sad that this life enhancing philosophy is reviled on our university campuses and young students are indoctrinated into philosophical & economic ignorance & destruction.
"Human nature, chief, seems to be a little more stubborn than Marx and Engels supposed."
The year is 2100. It's been a hundred and fifty some years since the Russian conquest and the establishment of the Soviet Socialist Republic of the World. The new dictator, a non-dictatorial type who achieved his position accidentally through a fortuitous set of circumstances, is grappling with the dual problems of 1) how to brighten the dreary fear-driven existence of the proletariat, and 2) why the Dictatorship of the Proletariat has not withered away as, according to Marx, it was supposed to do.
The Dictator and his top aide (quoted above on human nature) embark on a series of reforms and in the process rediscover money and free market economics.
In the 1950s, the stark reality of the true face of communism was staring down the free world. This seems to have spawned a brief era of un-Utopias Nineteen Eighty-Four, Animal Farm, Brave New World. There was one more Time Will Run Back. I discovered this because it's always high on the "this reader also bought" list for people who purchased my own history books. So I kindled it.
As literature, it's nowhere in the same league as Orwell, but it was never intended to be. As Orwell did, this book recreates a world where we are compelled by the state to "be good," with all the horrible consequences. But it is something else a tutorial on how the Hidden Hand works, how the economy, like ecology, finds the most efficient solutions only when, paradoxically, there is no higher authority making the decisions.
Henry Hazlitt is always a great explicator of the economics of freedom. He is here, too.
Hemingway has nothing to worry about. As a novelist, Mr. Hazlitt remains an excellent economist. Anticipating Ayn Rand perhaps, Mr. Hazlitt achieves his purpose of displaying the fallacies of a Marxist approach to governance through a fictionalized character, but his fiction style, though clear, is a drudgery to read. His “Economics in One Lesson” was actually more interesting. One memorable phrase in his book was “Vicarious Generosity”, righting perceived ills with other people’s money.
As I read his plot of Marxist rulers liquidating people who they perceived as threats, the nightly news was reporting Kim Jong Un’s “liquidation” of his uncle, as he executed his former girlfriend awhile back. Venezuela President Nicholas Maduro just sent the army to appliance stores to force prices lower on television sets, another topic Hazlitt addresses. People don’t seem to learn. In “Economics in One Lesson” Hazlitt correctly predicted the outcome of government insured mortgages, which could have avoided the entire 2007 economic meltdown if our politicians and bureaucrats weren’t idiots.
I had to give it 5 stars anyway, out of respect for Mr. Hazlitt’s views, if not his fiction skills.
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