Consequence Quote by Henry Hazlitt
“The bad economist sees only what immediately strikes the eye; the good economist also looks beyond. The bad economist sees only the direct consequences of a proposed course; the good economist looks also at the longer and indirect consequences. The bad economists sees only what the effect of a given policy has been or will be on one particular group; the good economist inquires also what the effect of the policy will be on all groups”
About This Quote
A good economist examines both immediate and long‑term, direct and indirect effects of policies on all groups, unlike a bad economist who focuses only on obvious, short‑term outcomes for a single group.
In simple terms: Look beyond immediate impacts to all consequences.
Key Takeaway
Consider broader, longer‑term effects.
Themes
economics
policy analysis
systems thinking
Mood
analytical
critical
Type
educational
strategic
When to use this quote
- public policy
- business strategy
- environmental planning
- social programs
Key Concepts
externalities
distributional effects
future planning
Questions to Reflect On
- What indirect effects might a new policy have?
- How can you ensure all groups are considered?
A Different Perspective
Complex models may be difficult to communicate to non‑experts.
