Some recommended books:
“Economics in One Lesson” by Harry Hazlitt. He says “[T]here is a second main factor that spawns new economic fallacies every day. This is the persistent tendency of men to see only the immediate effects of a given policy, or its effects only on a special group, and to neglect to inquire what the long-run effects of that policy will be not only on that special group but on all groups. It is the fallacy of overlooking secondary consequences.
“In this lies almost the whole difference between good economics and bad. 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 action; the good economist looks also at the longer and direct consequences.
…
“There are men regarded today as brilliant economists, who deprecate saving and recommend squandering on a national scale as the way of economic salvation.”
“The Myth of the Robber Barons” by Burton Folsom. A good book showing the wealth-building and pro-man consequences of the business empire builders, and showing false the view that “robber barons” were evil men who stomped on others like Hegel’s “heroes” who came upon the world scene and smashed the rules and smashed heads. (People like Robespierre did the smashing — businessman cannot if they want make a profit and have a successful business.) There is an audio talk based on the book here: http://www.fee.org/events/detail.asp?id=6114.
