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The "One Lesson" is stated in Part One of the book: 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. Part Two consists of twenty-five chapters, each demonstrating the lesson by tracing the effects of one common economic belief, and showing it to be a Fallacy . In a paperback edition in 1961, a new chapter was added on rent control, which had not been specifically considered in the first edition apart from government price-fixing in general. A few statistics and illustrative references were brought up to date. In 1978, a new edition was released. In addition to bringing all illustrations and statistics up to date, an entirely new chapter on rent control replaced the previous one of 1961, and a final new chapter, "The Lesson After Thirty Years," was added. THE CONTENTS OF THE FIFTIETH ANNIVERSARY EDITION
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