Word: bastiat
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...Kinsley's latest missive in TIME falls prey to one of the oldest traps in economics - Frédéric Bastiat's broken-window fallacy. Just as a broken window creates work for the glazier at the expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went...
...Kinsley falls prey to Frederic BaStiat's broken-window fallacy. Just as a broken window creates work for the glazier at the expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went to oil companies instead of the government. But he forgets that oil companies do not have control...
...Kinsley's latest missive in TIME falls prey to one of the oldest traps in economics - Frédéric Bastiat's broken-window fallacy. Just as a broken window creates work for the glazier at the expense of the window owner, money that Kinsley hopes to inject into the economy must first be taken out of it. Add in collection costs and the usual political malfeasance, and we have a net loss to the economy. There's more: Kinsley argues that last summer's high oil prices were essentially a tax on consumers; the money just went...
...they?). Wilhelm Roepke isn't even mentioned. In one of the sections, Henry Hazlitt was denounced as representative of the most "reactionary" economic views today, fortunately limited only to a "fringe" group. There is practically no analysis this year of Adam Smith, Spencer, Alfred Marshall, W.G. Sumner or Bastiat. This situation is deplorable as the course is recommended to non-Economics concentrators and is required of all Government majors. Also, many freshmen and sophomores, with no previous knowledge of economics. are encouraged to take the course...
...Protection is unsound in theory: Mill, II, 532; Bastiat, 1.-(a) It shuts out what by nature is ours: Bastiat, 73-80.-(b) It raises unnatural obstacles to intercourse; Bastiat, 84-85.-(c) It can only raise prices by diminishing quantities of goods for sale: Bastiat, 7, 17.-(d) It endangers the interests it aims to promote: Nation, XXXVI. 118.-(e) It may transfer, but not increase, capital: Bastiat, 93.-(f) The doctrine of protection for revenue is inconsistent: Mill, II, 538.-(g) It is antisocial: Bastiat, 15, 127; Nation, XXXVI, 118; ibid, XXVIII...