The art of economics consists in looking not merely at the immediate but at the longer effects of any act or policy; it consists in tracing the consequences of that policy not merely for one group but for all groups.

Henry Stuart Hazlitt (November 28 1894 – July 9 1993) was an American economist philosopher literary critic and journalist for such publications as The Wall Street Journal The Nation The American Mercury Newsweek and The New York Times and he has been recognized as a leading interpreter of economic issues from the perspective of American conservatism and libertarianism.