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Bastiat takes into account the consequences of breaking the window for society as a whole, rather than for just one group. [3] [4] Austrian theorists cite this fallacy, saying it is a common element of popular thinking. The 20th century American economist Henry Hazlitt devoted a chapter to the fallacy in his book Economics in One Lesson. [5]
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 ...
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.
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 ...
Escalation of commitment, irrational escalation, or sunk cost fallacy, where people justify increased investment in a decision, based on the cumulative prior investment, despite new evidence suggesting that the decision was probably wrong. G. I. Joe fallacy, the tendency to think that knowing about cognitive bias is enough to overcome it. [66]
A formal fallacy, deductive fallacy, logical fallacy or non sequitur (Latin for "it does not follow") is a flaw in the structure of a deductive argument that renders the argument invalid. The flaw can be expressed in the standard system of logic. [ 1 ]
Syllogistic fallacies – logical fallacies that occur in syllogisms. Affirmative conclusion from a negative premise (illicit negative) – a categorical syllogism has a positive conclusion, but at least one negative premise. [11] Fallacy of exclusive premises – a categorical syllogism that is invalid because both of its premises are negative ...