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Bastiat is not addressing production – he is addressing the stock of wealth. In other words, Bastiat does not merely look at the immediate but at the longer effects of breaking the window. Bastiat takes into account the consequences of breaking the window for society as a whole, rather than for just one group. [3] [4]
Claude-Frédéric Bastiat (/ b ɑː s t i ˈ ɑː /; French: [klod fʁedeʁik bastja]; 30 June 1801 – 24 December 1850) was a French economist, writer and a prominent member of the French liberal school. [1] A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the ...
Broken windows and vandalism are still prevalent because communities simply do not care about the damage. Regardless of how many times the windows are repaired, the community still must invest some of their time to keep it safe. Residents' negligence of broken window-type decay signifies a lack of concern for the community.
The Law (French: La Loi) is an 1850 book by Frédéric Bastiat.It was written at Mugron two years after the third French Revolution and a few months before his death of tuberculosis at age 49.
Chapter 2, "The Broken Window", uses the example of a broken window to demonstrate what Hazlitt considers the fallacy that destruction can be good for the economy. He argues that while the broken window may create work for the glazier, the money the shopkeeper has to spend on replacing the window means that he cannot spend it elsewhere in the ...
Harmonies of Political Economy is an 1850 book by the French classical liberal economist Frédéric Bastiat, in which the author applauds the power and ingenuity of the intricate social mechanism, "every atom of which ... is an animated thinking being, endued with marvelous energy, and with that principle of all morality, all dignity, all progress, the exclusive attribute of man - LIBERTY."
In other words, there remains an opportunity cost to the owner of the window, and to society, even if his (or his insurer's) funds were "trapped" in savings and investment. This criticism of the parable of broken window might make more sense if the owner's funds were hidden under his mattress, or some other allegory denoting a zero opportunity ...
Claude-Frédéric Bastiat (/ b ɑː s t i ˈ ɑː /; French: [klod fʁedeʁik bastja]; 30 June 1801 – 24 December 1850) was a French economist, writer and a prominent member of the French liberal school. A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the ...