=THE HUMBLE LIBERTARIAN=



The Definition of Libertarian: What Is Libertarian?

Reade This Landmark Book, A Most Comprehensive Survey of a Divers and Formidable Moovement in Politikal and Philosophical Thought:



THE LIBERTARIANS



The Ron Paul Revolution in Retrospect

The Rand Paul Revolution?

The Tea Party Movement

The Libertarian Party

The Free State Project

The Seasteading Movement

The Austrian Economists

The Anarchists

The Voluntaryists: Stefan Molyneux and Peaceful Parenting

The Agorists: Market Alternatives as Subversion

Objectivism: The Philosophy of Ayn Rand

The Ronald Reagan Revolution

The Crypto-Anarchists: Digital Currency and 3D Printed Guns

WikiLeaks and the Power of Disclosures

The Beltway Libertarians: Think Tanks

State Sovereignty Libertarians

The Psychological Libertarians

Friday, April 2, 2010

What Is "The Broken Window Fallacy?" Tom Palmer Explains



Excellent video featuring an explanation of Frederic Bastiat's "Broken Window Fallacy" by the Cato Institute's Tom Palmer. Hat tip to YALiberty.

4 comments:

  1. I love the Broken Window Fallacy. It sums up income redistribution so simply.

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  2. The book that set me on a freedom course many years ago was "Economics in one lesson" by Henry Hazlitt. It featured a section on this fallacy. After all these years I still hear people come to the same incorrect assumptions, most recently after the New Orleans debacle, which if this nonsense were true, would make the corrupt politicians who stole the money allocated for the Lake Pontchartrain dams into heroes instead of the thugs they are.

    http://whatwethinkandwhy.blogspot.com

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  3. I always likened the broken window to the man who had to pay the windowmaker but in order to do so had to lay off a worker. To some degree he lost out which resulting in someone else losing out and so on. The domino effect goes in the other direction too.

    We can question also how is the economy after Katrina? How is Haiti going to be after the quake? We can use many examples to disprove this theory that a crisis brings better economy.

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  4. It's amazing that something so profoundly stupid animates the "economic" thinking of civilization's "leading" voices today. I could almost wax Randian on the moral repugnance of it all- equating destruction with production, calling death life. Yuck.

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