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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.
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ARBFB (Always ReBlog Frederic Bastiat).
