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If Keynesian Economics had it’s way, we’d all celebrate Earth Day by burning down a tree and planting a new one in it’s place.
Free-market economists have triumphantly cited the broken-window fallacy whenever someone opines that a destructive act, whether a natural disaster or man-made catastrophe, is paradoxically “good for the economy.” The reference is to a classic lesson given by the economist Frédéric Bastiat in 1850.
Especially after Paul Krugman went on CNN and discussed the virtues of faking an alien invasion, libertarians were having a field day with the “broken-window” charge. The so-called progressive Left have been pushing back, claiming that Krugman’s critics don’t really understand what Bastiat was saying.
In the present article, we’ll review Bastiat’s original lesson and apply it to modern-day disputes over the possible benefits of destructive events.
Always reblog
I think I’m going to dub this ThinkRegress week and just blog about how asinine ThinkProgress is.
Paul Krugman with Bill Moyers on Moyers & Company
Of all the Macroeconomists you could interview - on the left and the right - you choose a snakeoil salesman?
This interview is sort of long, but just watch the first 15 minutes of this thing to get a taste of how insane Krugman and Keynesianism is. Oh, Krugman brings up his Alien Invasion theory again. I sort of love this guys insanity.
The Keynesian Architects of the U.S. Warfare State | Joseph T. Salerno (by misesmedia)
From Ludwig von Mises Institute:
The Donald M. Rembert lecture, presented at the 2012 Mises Institute Supporters Summit: “The Truth About War: A Revisionist Approach”. Recorded at Callaway Gardens, Georgia, on 27 October 2012.
Music by Kevin MacLeod.
I love all of the Mises videos, they are all highly informative but I especially like this one for two reasons. For one, it simplifies and explains the backbone of our Keynesian economic philosophy; Military spending and the Keynesian multiplier. However, I mainly like this video because Rembert incorporated the insane video of Krugman talking about how an Alien invasion would be the greatest thing for our economy. I hope Krugman never goes away.
(via theonecalledbiz)
The Broken Window Fallacy (by Sam Selikoff)
This is the reason we pay private defense companies billions of dollars to build us war machines so that we can destroy countries and then pay companies like Halliburton, Bechtel and other U.S. firms to rebuild what we destroyed.
(via thefreelioness)
“This guy is creating so many jobs. What an outstanding capitalist!” - Paul Krugman
(via techspec)
