Defending the Judeo-Christian Ethic, Limited Government, & the American Constitution
Tuesday April 28th 2015

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Posts Tagged ‘broken-window fallacy’

Who’s “Protected” by Tariffs?

Who’s “Protected” by Tariffs?

BY HENRY HAZLIT Essential Works: The Freeman Economics In One Lesson, Chapter 11 A mere recital of the economic policies of governments all over the world is calculated to cause any serious student of economics to throw up his hands in despair. What possible point can there be, he is likely to ask, in discussing refinements and [...]

Broken-Windows Macroeconomics

Broken-Windows Macroeconomics

SANDY IKEDA, THE FREEMAN As I’ve written before, every time I teach microeconomics I remind students that the fundamental difference between macroeconomics and microeconomics has nothing to do with subject matter. That is, macroeconomics doesn’t tackle the “big” questions while leaving the “small” questions to microeconomics. The [...]

Natural Disasters and Disastrous Economics

Natural Disasters and Disastrous Economics

Free Enterprise Zone, The Freeman, Steven Horwitz With both an earthquake and a hurricane in the same week, it’s not just natural disaster season, it’s also economics disaster season. Both natural disasters have led to an awful lot of bad economics from various media commentators and even some supposed economic experts. The most common bit [...]

When Destruction Can Be Creative

When Destruction Can Be Creative

Free Enterprise Zone, The Freeman, Sandy Ikeda Those of us who write for TheFreemanOnline never tire of pointing out instances in the news of the “broken-window fallacy” (BWF), which is good because people never seem to tire of committing it.  In recent times, for example, following natural disasters in Haiti, Japan, and now Alabama, [...]

Is the EPA Necessary?

Is the EPA Necessary?

Free Enterprise Zone, The Freeman, William L. Anderson A repeated myth is that government intervention comes only after private markets have clearly failed and the bureaucracy must step in to stop the abuse. For example, we hear that Congress created the Food and Drug Administration in 1906 because conditions in American meatpacking plants had [...]