Simply bringing up the subject of
economics can cause reactions of skepticism. The study of economics when compared to some of the “harder” sciences leaves a lot to be
desired. Despite all the technology of the modern age professional
economists can't seem to make accurate predictions for any any extent
of time. In addition to that when compared to a defined science such
as physics there are undeniable laws that you need to account for
that help you make make accurate judgments on simple things such as
how long it would take a ball to drop from a tree. There are no
comparable hard and fast rules in economics that allow such easy
forecasts to be made.
I believe Bastiat's theories are
compared to most economic schools of thought hold undeniable logic.
It might be helped that in many of his theories simply fight against
common misconceptions by pointing out the glaring inadequacies in the
theory such as the broken window fallacy which asserts that breaking
a window increases the wealth of a nation as a whole. As opposed to
many economists his argument relies on the use of basic arithmetic by
pointing out the fact that if there is money wasted on things that
could be avoided it is draining the available cash for other perhaps
more healthy economic ventures.
This same school of thought goes to
many of his theories which brings up the question where did he go
right and others so wrong? As opposed to other economists such as
Karl Marx who design a grand picture of a world where their version
of economics fits in perfectly Bastiat simply uses basic logic to
attack fallacious ideas. While not necessarily laws Bastiat brings
some hard truths to the shaky ground that modern economics lies on.
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