Industry | 2009.06.26
Bastiat and the Broken Window Fallacy
Are you a journalist who has done original work that explains an economic principle? There is still another week to enter the competition for the International Policy Network’s Bastiat Prize for Journalism. The award is given in honor of 19th Century French economist, Frederic Bastiat, who excelled at explaining economic fallacies. Like the broken-window fallacy. Politicians always promise that their programs will create jobs. Alaska Rep. Don Young claimed the infamous Bridge to Nowhere would "create more jobs." President Obama called spending billions on green energy "an investment that will lead to new industries and 5 million new jobs." Bastiat...
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