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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]
Bastiat was the author of many works on economics and political economy, generally characterized by their clear organization, forceful argumentation and acerbic wit. Economist Murray Rothbard wrote that "Bastiat was indeed a lucid and superb writer, whose brilliant and witty essays and fables to this day are remarkable and devastating ...
Finally, the art of economics consists of looking not just at the immediate effects of a policy but at its longer-term effects for all groups. [3] 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 ...
The essay was influenced by John Locke's Second Treatise on Government and in turn influenced Henry Hazlitt's Economics in One Lesson. [1] It is the work for which Bastiat is most famous, followed by the candlemaker's petition and the parable of the broken window.
Knightian uncertainty – Lack of quantifiable knowledge in economics; Map–territory relation – Relationship between an object and a representation of that object; Moral hazard – Increases in the exposure to risk when insured, or when another bears the cost; Parable of the broken window – Parable by French economist Frédéric Bastiat
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Naturalistic fallacy fallacy is a type of argument from fallacy. Straw man fallacy – refuting an argument different from the one actually under discussion, while not recognizing or acknowledging the distinction. [110] Texas sharpshooter fallacy – improperly asserting a cause to explain a cluster of data. [111]
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."