Search results
Results from the WOW.Com Content Network
The parable seeks to show how opportunity costs, as well as the law of unintended consequences, affect economic activity in ways that are unseen or ignored. The belief that destruction is good for the economy is consequently known as the broken window fallacy or glazier's fallacy.
A member of the French National Assembly, Bastiat developed the economic concept of opportunity cost and introduced the parable of the broken window. [2] He was described as "the most brilliant economic journalist who ever lived" by economic theorist Joseph Schumpeter. [3]
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.
Former plumber and fringe New York state senate candidate Daniel Christmann served a 25-day prison sentence after he unlawfully entered the Capitol through a broken window.
Science & Tech. Shopping. Sports
Broken window may refer to: Broken window fallacy , economic theory illustrating why destruction, and the money spent to recover from destruction, is not actually a net benefit to society Broken windows theory , criminological theory of the norm-setting and signaling effect of urban disorder and vandalism on additional crime and anti-social ...
The 2020 racial reckoning brought her work to a wider audience, especially “Parable of the Sower,” a 1993 novel set in a dystopian Southern California of 2024 that’s disturbingly similar to ...
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 ...